Finance & Insurance
Climate change is a major threat to society. The amount of extreme rainfall and its severity is increasing, and sea-level rise will double coastal flood risk.
Financial services need to know, in the wake of large natural catastrophes like hurricanes, wildfires, or flooding, what the losses are on an aggregate basis to set aside capital to meet potential losses, and need answers more quickly.
Satellite monitoring provides insights into financial risks. Satellite data provide unbiased and independent facts that can be used faster and better-informed participation. In addition, satellite data can provide consistent historical information on natural catastrophe risks. By monitoring and making a historic assessment it’s possible to map high-risk areas. In this way, it is more reliable and verifiable to obtain data for finance providers' need for loan approval. Conventional data gathering methods on the ground can take months to provide a complete picture of the damage. This data revolution has reduced claim assessment times from weeks or months down to days.