Value.Space: Why Climate Risks Are Driving Space Tech Adoption Amongst Insurers

With 2023 confirmed as the world’s hottest year on record, Value.Space’s Reijo Pold recently gave his views to Insurance Day on how satellite technologies are playing an increasingly vital role in helping insurers manage the risks associated with climate change.

Key observations include:

• Strong reliance on accurate data is imperative for the insurance industry, but climate-related risks are making it difficult for insurers to thrive.

• Adoption of satellite technology among insurers is increasing - helping them mitigate the impact of climate change through more dynamic insurance models, better risk management and more accurate, faster claims processing.

• Satellite-based risk assessments offer a novel, almost real-time approach to understanding and monitoring risks associated with critical infrastructure.

• Subsidence-related risks to property as a result of climate change are a real and present threat. With satellite-based monitoring, insurers can better understand and quantify these risks.

Explore the full Insurance Day article here.

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