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Earth observation for insurance

The European Commission's Centre for Earth Observation (CEO) programme has, in collaboration with the UK-based company Logica, published a report entitled "Earth Observation for Insurance". The report explains how insurers can better manage risk exposure to natural disasters s...
The European Commission's Centre for Earth Observation (CEO) programme has, in collaboration with the UK-based company Logica, published a report entitled "Earth Observation for Insurance". The report explains how insurers can better manage risk exposure to natural disasters such as hurricanes, earthquakes, and floods by using data from earth observation satellites.

Based on a study commissioned by the CEO, the report demonstrates how earth observation data can help insurance companies calculate premiums and assess claims linked to damage caused by natural disasters. In particular, the report looks at how earth observation can help insurance companies monitor, predict and evaluate the effect that floods, wind storms, fire, earthquakes, volcanic eruptions, landslides and subsidence, and pollution will have on premium and claim levels.

Two categories of satellite data are outlined:

- Archived data: In conjunction with models, archived data can contribute to the prediction and risk assessment tasks. Archived data also provides objective evidence for claims validation;

- Real time data: During a catastrophe, rapid dissemination of real time data assists in loss control and logistics planning for immediate response by loss adjusters.

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