Liberty launches satellite-powered parametric wildfire cover with Iceye partnership

Liberty has partnered with satellite data provider Iceye to launch a building-level parametric wildfire insurance product, offering policyholders rapid access to funds following wildfire damage. 

The solution, which will initially be available for US and Australian risks, uses satellite imagery and automated damage assessments to determine whether insured properties have been destroyed, enabling claims payments to be triggered within days rather than weeks or months.

The launch comes as insurers grapple with rising wildfire losses and growing demand for products that can provide faster financial support following catastrophe events.

At the heart of the proposition is Iceye’s constellation of synthetic aperture radar (SAR) satellites, which can capture high-resolution imagery through smoke, darkness and adverse weather conditions.

Following a wildfire, the imagery is combined with property footprint data and machine learning technology to classify buildings as either destroyed or undamaged.

The binary approach removes the need for loss adjusters and site visits, allowing claims assessments to be completed rapidly.

Addressing growing risk

Jean-Christophe Garaix, head of parametrics and agriculture at Liberty, said the insurer was seeking to “push the boundaries of technology” to create a more responsive form of protection for customers facing increasing wildfire exposures.

“Our property wildfire cover is remotely sensed and designed to address the growing threat of wildfires, providing reliable protection alongside traditional insurance that allows for more efficient claims settlement,” he said.

Anke Sielker, head of reinsurance solutions at Iceye, described the product as a “ground-breaking solution.”

“Built on rapid and verifiable observation data from our SAR satellite constellation, this offering provides quick confirmation when agreed loss parameters are met,” she said

She added that the cover could support a range of customers, from residential communities and municipalities to insurers and reinsurers seeking additional protection against wildfire losses.