Floodbase will integrate 24/7, all-weather synthetic aperture radar (SAR) data into its advanced parametric flood solution through the Capella Space Analytics Partner Program
SAN FRANCISCO, CA, Jan 23, 2024 – Capella Space Corp., an American space tech company with data and satellite solutions for government and commercial applications, today announced a partnership with Floodbase, a leading data provider and reporting agent for parametric flood insurance, to bring high-resolution SAR satellite data to Floodbase’s end-to-end solution for parametric flood insurance. This partnership will enable enhanced payout trigger certification of parametric insurance products by capturing the magnitude of flooding at high resolution and regardless of cloud cover.
Flood risk is growing due to climate change and other factors. Traditional insurance alone cannot fill the gap, making parametric flood insurance a crucial tool for augmenting flood resilience. Floodbase leverages a variety of datasets to meet the growing needs of the parametric flood market, now enhancing their solution with best-in-class SAR imagery from Capella’s satellite constellation. Floodbase’s multi-sensor fusion approach allows the company to seamlessly add additional sensors for payout trigger certification to optimize policy design for clients. Leveraging Capella’s automated tasking API, Floodbase can quickly task SAR imagery when need at night or through cloudy conditions to validate flood maps and verify the magnitude of floods at specific locations. This will strengthen Floodbase’s ability to produce reliable, large-area flood maps, regardless of weather or time of day.
Figure1: (left) Capella Space very high resolution synthetic aperture radar (SAR) image acquired over Larkana, Pakistan on 31st August 2022, and (right)
Flood map produced by Floodbase proprietary technology annotated in light blue.[/caption]As a certified Capella Analytics Partner, Floodbase will have access to a range of exclusive program benefits that can be leveraged to further expand analytical capabilities, increase customer value and accelerate product development. These benefits include open access to Capella’s imagery archive for research and development, and both product and sales collaboration.
“We are thrilled to partner with Floodbase to leverage the value of Capella’s all-weather SAR imagery and automated tasking system to help close the flood insurance gap,” said Dan Getman, VP of Product at Capella Space. “The combination of Floodbase’s large-area parametric insurance solution with Capella’s high-resolution SAR imagery will unlock new parametric use cases to support at-risk communities of severe flooding events.”
“Floodbase has a high bar for accuracy and reliability when evaluating new sensors. We were incredibly impressed with the resolution and reliability of Capella’s SAR sensor, and especially excited about the ability to automate tasking via API,” said Annbjørg Medhaug, Chief Product & Strategy Officer at Floodbase. “A Parametric flood insurance solution built on Floodbase and Capella data will be superior than competing solutions for a broad range of use cases and clients, and I’m excited to scale the combined solution.”
Closing the insurance gap requires partnerships, collaborations, and a portfolio of solutions. Floodbase and Capella Space share a commitment to using earth observation science and machine learning to enable all communities to prepare for and respond to climate disasters.
About Floodbase
Floodbase - an industry leading data provider and reporting agent - partners with re/insurers and humanitarian organizations to profitably design, underwrite, and monitor market-defining parametric flood insurance products. Built on nearly a decade of groundbreaking science, our proprietary solution continuously monitors flooding worldwide. Pairing decades of historical flood data with near real-time monitoring makes it possible to cover large corporate and public sector clients against previously uninsurable economic loss from flooding.Learn more at https://www.floodbase.com/
About Capella Space
Capella Space is an American space tech company with data and satellite solutions for government and commercial use. A pioneer in the Earth observation industry, Capella is the first U.S. company with a constellation of Synthetic Aperture Radar (SAR) satellites, delivering the best quality, highest resolution SAR imagery commercially available. Capella provides easy access to frequent and timely information affecting dozens of industries worldwide, including defence and intelligence, supply chain, insurance, maritime and others. Its market-leading SAR satellites are matched with unparalleled data infrastructure to quickly deliver reliable global insights that sharpen our understanding of the changing world – improving decisions about commerce, conservation, and security on Earth. Headquartered in San Francisco, California with additional locations in Denver, Colorado and Washington, D.C.Learn more at www.capellaspace.com.