Ibadan, 13 February 2024. – CoreLogic Australia has partnered with ICEYE on a disaster response solution for the banking and finance industry. The partnership aims to combine four decades of CoreLogic’s property data with ICEYE’s hazard insights, which leverage synthetic aperture radar (SAR) satellite data and auxiliary ground data, to develop a new disaster solution that can pinpoint areas and properties affected by flood and bushfire as events unfold.
Lenders using the disaster response solution will be able to identify regions to monitor based on their portfolios and receive regular alerts of at-risk or impacted areas down to the individual property level. This will include the depth of floodwater inundation, including minimum, maximum, and average flood depth estimates on their customers’ properties. In the case of bushfires, the solution will also identify the number of buildings likely to have undergone damage. Furthermore, future enhancements will include expanding flood event coverage to New Zealand.
CoreLogic Head of Financial Services Solutions, Eugene Vassiliev, explained that there is a growing need in the financial services industry to understand exposure to natural disasters for improved risk management and customer experience. Vassiliev said, “This solution is a significant innovation for the entire industry. It seamlessly integrates our extensive property data with daily imagery from ICEYE’s satellites, enabling observation of the extent and impact of natural disasters during major weather events, even through thick smoke or cloud cover.”
Likewise, ICEYE Global Head of Partnerships, Paul Barron, said, “Through ICEYE’s expansive constellation of New Space satellites, we can provide unparalleled access to actionable, high-resolution insights into the unfolding impact of flood and bushfire events across the globe”.