In 15th of June 2026, Liberty & ICEYE started collaborating on the launch of a pioneering parametric wildfire insurance solution. Wildfire's are increasing in frequency and severity, causing significant damage in communities and losses in the economy sector, the need for a quicker, more responsive risk solutions is greater than ever. Liberty's remotely sensed parametric property wildfire solution provides a rapid response with immediate access to liquidity when it's an emergency. The solution started by being available in Australia and the US where wildfire events are extremely high, but since the partnership with ICEYE the solution is targeted to expand together with the Finnish company's product scope.
Once a wildfire event occurs, SAR data is combined with detailed property footprint data and advanced automated machine learning algorithms to deliver a very detailed damage assessment. Each insured property is categorized against predefined criteria as "destroyed" or "undamaged" with results that can be delivered within a few hours. This remote approach is accurate and less time consuming since in situ damage assessment is not required anymore plus it speeds up the payout procedures.
Using ICEYE's SAR data and Liberty's parametric wildfire solution, traditional insurance is evolved into a scalable protection. The solution is also targeted for a wide range of clients, from homeowner associations to owners of critical infrastructure & insurers with residential and commercial property portfolios.