24/7 Space News
Capella Space and Floodbase unite to enhance Parametric Flood Insurance with Advanced SAR Imagery
stock illustration only
Capella Space and Floodbase unite to enhance Parametric Flood Insurance with Advanced SAR Imagery
by Clarence Oxford
Los Angeles CA (SPX) Jan 24, 2024

Capella Space Corp., an American space technology firm known for its advanced data and satellite solutions, has entered into a strategic partnership with Floodbase, a key player in the parametric flood insurance market. This collaboration is set to introduce high-resolution Synthetic Aperture Radar (SAR) satellite data into Floodbase's comprehensive solution for parametric flood insurance, a move that is expected to significantly enhance the accuracy and reliability of flood insurance products.

In an era where climate change and its associated risks are escalating, the traditional insurance paradigm falls short in adequately addressing the growing challenges. Parametric flood insurance emerges as a pivotal tool in augmenting flood resilience. It operates on a model that utilizes specific data points to trigger insurance payouts, making it a more efficient alternative to traditional methods in certain scenarios. The integration of Capella's state-of-the-art SAR imagery into Floodbase's solutions marks a novel approach in the insurance sector, particularly in the context of flood risk management.

The SAR technology from Capella is renowned for its ability to capture detailed images of the Earth's surface, independent of weather conditions or daylight. This capability is especially vital for accurately assessing flood extents and impacts, which is critical for the certification of payout triggers in parametric insurance products. The partnership enables Floodbase to enhance its multi-sensor fusion approach, integrating Capella's high-resolution SAR data to optimize policy design for clients and verify flood magnitudes at specific locations.

Dan Getman, VP of Product at Capella Space, expressed his enthusiasm about the partnership: "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." This statement underlines the potential impact of this collaboration in addressing the insurance needs in flood-prone areas.

Annbjorg Medhaug, Chief Product and Strategy Officer at Floodbase, also highlighted the significance of this partnership: "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." She further noted the superiority of the combined solution of Floodbase and Capella data over competing solutions for a broad range of use cases and clients.

The alliance also grants Floodbase the status of a certified Capella Analytics Partner, opening up a range of exclusive benefits including open access to Capella's imagery archive for research and development, and opportunities for product and sales collaboration. These advantages are set to further expand Floodbase's analytical capabilities, increase customer value, and accelerate product development.

This partnership represents more than just a technological advancement; it signifies a commitment from both companies to utilize earth observation science and machine learning in enabling communities to better prepare for and respond to climate disasters. The utilization of SAR data in parametric flood insurance could mark a different and more effective approach to managing the increasing risks of flooding due to climate change.

Related Links
Capella Space
Earth Observation News - Suppiliers, Technology and Application

Subscribe Free To Our Daily Newsletters

The following news reports may link to other Space Media Network websites.
CNSA announces full operation of Gaofen 5 01A, boosting environmental and climate monitoring
Sydney, Australia (SPX) Jan 24, 2024
The China National Space Administration (CNSA) has announced the official commencement of operations for its latest Earth observation asset, the hyperspectral remote-sensing satellite Gaofen 5 01A, following a series of successful in-orbit tests. This development marks a significant step in China's ongoing efforts to enhance its capabilities in environmental monitoring, natural resource surveys, and climate change studies. Launched on December 9, 2022, Gaofen 5 01A is now fully functional and meet ... read more

ESA's Marcus Wandtembarks on historic Muninn Mission aboard ISS

European crew arrives at ISS on private mission

NASA, Partners to welcome private crew aboard Space Station

SpaceX and ESA collaborate on ISS mission featuring advanced german science experiments

China's LandSpace achieves new feat with Zhuque-3's Vertical Recovery Test

Axiom launches third mission to ISS, carrying European space hopes

Mexico Set for Space Sector Boost with New National Rocket and Space Center by Merida Aerospace

European crew poised for private mission to International Space Station

Mars Express unveils potential water resource for future Mars missions at equator

So Many Textures, So Little Time: Sols 4070-4072

How NASA's Twin Rovers Changed Mars Science

Sols 4066-4070: Cracking Up

Tianzhou 6 burns up safely reentering Earth

Yan Hongsen's future dreams as 'Rocket Boy'

China's Tianzhou 7 docks with Tiangong Space Station

China Prepares to Launch Tianzhou 7 Cargo Ship to Tiangong Space Station

Eutelsat OneWeb and Paratus South Africa join forces to enhance satellite connectivity in South Africa

AST SpaceMobile Launches $100 Million Stock Offering Amid Strategic Tech Investments

Momentus secures $4M through direct stock offering to institutional investor

Sidus Space Partners with ASPINA for Satellite Technology Demonstration on LizzieSat Mission

Renesas Electronics plays role in Japan's lunar landing mission

China grants over 100 video game licences as crackdown wanes

Researchers demonstrate rapid 3D printing with liquid metal

Microsoft lays off 1,900 staff after Activision gaming buyout

Shallow soda lakes show promise as cradles of life on Earth

Key moment in the evolution of life on Earth captured in fossils

ASU talk will examine ethical questions surrounding life in space

Study uncovers potential origins of life in ancient hot springs

New images reveal what Neptune and Uranus really look like

Researchers reveal true colors of Neptune, Uranus

The PI's Perspective: The Long Game

Webb rings in the holidays with the ringed planet Uranus

Subscribe Free To Our Daily Newsletters


The content herein, unless otherwise known to be public domain, are Copyright 1995-2023 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.