Global Parametrics and ICEYE Partnering

ICEYE, a provider of actionable information on natural catastrophes gathered by satellite and auxiliary ground-level information, is partnering with Global Parametrics, which sells products that mitigate risk by triggering pre-agreed payments on specific natural events. Global Parametrics will use the data ICEYE gathers on major flood events in close to real-time to create parametric risk transfer structures and to determine whether a specified threshold has been met and triggered coverage in the event of a flood. According to Angus Kirk, CEO of Global Parametrics, integrating ICEYE’s flood hazard data into his company’s risk transfer structures will help develop solutions to mitigate the financial effects of extreme climate and natural disasters.