Manage risk with improved forecasting and monitoring
Financial institutions and insurers are in the business of managing risk. Earth observations (EO) and satellite imagery offer the potential to provide content and data to support decision making and risk management, especially during natural disasters.
In particular, earth observations can help companies monitor, predict and evaluate the effect that natural disasters will have on their claim level or investments.
Understanding the widespread impact of natural disasters
To reduce financial risk and insurer losses, understanding the widespread impact of a disaster is critical. Using remote sensing methods can improve the forecasting of the scale, frequency and intensity of a natural disaster by monitoring ocean currents, land temperature, salinity levels and changes in air quality and rainwater. This enables the detection, tracking and mapping of natural hazards such as flooding, bushfires and other natural phenomena.
Pre and post-event preparedness
More frequent extreme weather events are putting new requirements on the insurance industry in terms of pre and post-event preparedness. Earth observation methods offer the potential to forecast events pre-disaster and assess post-event monitoring and damage assessment.
See the impact of bushfires in South Australia here
Competitive advantage in the market
Finance and Insurance companies that are looking to obtain a competitive edge can make use of earth observation data across the board - from the number of cars at a shopping centre to derived vegetation metrics.
These data sets can help investors and insurers gain the advantage of understanding current and future risks to their investments and calculate the best insurance premium prices.
talk about your next project
EO Data Science loves to look at the world from space to answer questions about our planet, but we can also help you get the information you need to transform your business or reach your organisational goals. Get in touch with us to collaborate on your next project!
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