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Insurance industry

Insurance industry

Earth-observing satellites can map natural phenomena such as floods and earthquakes, track hurricanes and monitor land subsidence across the globe. This information can be valuable to insurance companies for risk and damage assessment. Information obtained by satellite observations can save money and make the insurance industry more efficient.

Assesing floods

Accurate and timely information about a flood’s extent can help insurers to assess the impact and prepare to meet the claims.

Flood extent map

Due to heavy rainfall in September, 2010 large areas in Slovenia were affected by floods. The most affected areas were the capital Ljubljana and its surroundings. Initial damage was estimated to reach €15 million. Animation shows how the floods retreated.

Assessment of damage of floods currently requires field visit, costs a lot of money, takes time and is unreliable due to lack of information.

Using multi-temporal and multi-sensor satellite data it is possible to quickly asses the situation prior to the event, immediately after the event and also monitor further activity a few weeks after the event.

Process workflow

Let’s take a step-by-step look at how a typical (e.g. hail damage) assessment workflow would look like.

  • Importing input data to the GIS in the cloud
    • Parcel boundaries (either SHP files or manual digitization with GIS tools)
    • Claim data (crop type, state of development, damage)
    • Markation of samples for damaged and non-damaged parts of the land (manually with GIS)
  • Automatic calculation of vegetation indices and imagery previews
    • True colour
    • False colour
    • NDVI (normalized differential vegetation index)
    • SAVI (Soil adjusted vegetation index)
    • LAI (Leaf area index)
  • Adjustment of the models to local conditions
    • Performed on sample part of the fields
  • Automatic calculation of the damage assessment data
    • State of development of the plant
      • Based on comparison of LAI on non-damaged parts with standard LAI for claimed crop.
    • Defolation of crops in damaged areas based on LAI
    • Assessment of damaged areas
      • Division of parcel to areas based on percentage of damage (100%, 90%,..)
  • Manual adjustment of the results using GIS tools and visual interpretation of all available data
    • Comparison with HR Sentinel/Landsat imagery archive can help with assessing development of the crops in the past
  • Production of repots for each parcel (in XLS)
    • Comparison between claimed/observed data
      • Total area of the parcel
      • Total area damaged
      • State of development
      • Defolation of the plant