Photo: Iceye

Iceye will participate in a risk transfer project with the Ghana Ministry of Finance, the United Nations Development Programme (UNDP), and the Insurance Development Forum (IDF), the company announced July 14. With project leadership from two IDF members – Allianz and Swiss Re – in collaboration with UNDP, the project will aim to enhance the capabilities of the government to respond to and better support those impacted by urban flooding. In addition, the project is expected to boost the country’s socioeconomic resilience by de-risking development investments in the Greater Accra Region.

At the project’s core is a parametric flood insurance solution. Iceye will provide high-resolution hazard data in the event of a flood. Combining SAR (synthetic aperture radar) imagery with data from other sources, Iceye will verify both the extent and depth of floods.

“We are extremely proud to be part of a project to help ensure the safety and financial security of those most exposed to floods in Ghana. By rapidly combining data from our satellite constellation with auxiliary information, we can inform decision making with an entirely new level of accuracy, consistency and resolution that has never been possible before. Iceye’s data will be central to the success of this important project for the insurance sector and the global development community,” Rafal Modrzewski, CEO and co-founder of Iceye, said in a statement.