Earth-observing satellites can map natural phenomena such as floods and earthquakes, track hurricanes and monitor land subsidence across the globe. This information can be valuable to insurance companies for risk and damage assessment. Information obtained by satellite observations can save money and make the insurance industry more efficient.
Accurate and timely information about a flood’s extent can help insurers assess the impact and prepare to meet the claims.
Due to heavy rainfall in September of 2010, large areas in Slovenia were affected by floods. The most affected areas were the capital Ljubljana and its surroundings. Initial damage was estimated to reach €15 million. The animation shows how the floods retreated.
Assessment of flood caused damages currently requires field visits, costs a lot of money, takes time and is unreliable due to a lack of information.
Using multi-temporal and multi-sensor satellite data, it is possible to quickly asses the situation prior to the event, immediately after the event and monitor further activity a few weeks after the event as well.
Let’s take a step-by-step look at how a typical (e.g. hail damage) assessment workflow would look like.