LSM, ICEYE launch parametric wildfire cover using satellite data

Liberty Specialty Markets (LSM) and ICEYE have launched a building-level parametric wildfire insurance solution designed to deliver rapid payouts using satellite data and automated damage assessment.

The remotely sensed property wildfire product is initially available in the US and Australia, where wildfire exposure is high, with plans to expand alongside ICEYE’s broader product scope.

The cover uses ICEYE’s Synthetic Aperture Radar (SAR) satellite constellation to monitor areas affected by wildfire, including through smoke, at night and in all weather conditions.

Following an event, SAR imagery is combined with property footprint data and automated machine learning algorithms to assess damage at building level.

Each insured property is classified against predefined criteria as either “destroyed” or “undamaged”, with results that the partners said could be delivered within hours.

The approach is intended to remove the need for site visits, loss adjusters or subjective assessments, allowing payout procedures to be triggered within days where agreed parameters are met.

LSM said the cover is designed to complement traditional insurance and provide scalable protection for homeowner associations, residential communities, municipalities, public risk pools, owners of critical infrastructure, and re/insurers with residential and commercial property portfolios.

Jean-Christophe Garaix, head of parametrics and agriculture at Liberty, said: “By pushing the boundaries of technology, we are delivering a new generation of parametric wildfire coverage that is faster, more responsive, and fully data driven.

“Our property wildfire cover is remotely sensed and designed to address the growing threat of wildfires, providing reliable protection alongside traditional insurance that allows for more efficient claims settlement.”

Anke Sielker, head of reinsurance solutions at ICEYE, added: “We are delighted to be working with Liberty on this ground-breaking solution. Built on rapid and verifiable observation data from our SAR satellite constellation, this offering provides quick confirmation when agreed loss parameters are met.

“The result is fast, precise, and consistent damage assessments at the individual property level, and can be deployed in high-risk areas to support multi-asset portfolios or regional programmes.”

The launch follows a series of recent developments for ICEYE, including a €450m Series F funding round led by General Atlantic, valuing the company at more than €10bn.

Together with a secondary placement, ICEYE said the total Series F round exceeds €1bn.

Additional investors included Solidium, Tesi, Varma, Ilmarinen, Lifeline Ventures, Nokia, Qatar Investment Authority and TCV.

ICEYE said the proceeds would support the expansion of its global footprint and deepen its intelligence capabilities, as demand grows from governments and commercial clients for space-based data.

The company said seven governments across Europe have procured sovereign satellite systems from ICEYE to date.

Rafal Modrzewski, co-founder and CEO of ICEYE, said: “The quality of investors who have chosen to back us at this scale reflects a shared belief. Sovereign intelligence from space is entering a new era and the window to build it is now.

“ICEYE has built the world’s most advanced, proven capability to meet that demand. This funding enables us to accelerate the delivery of new capabilities to governments and customers faster than ever before.”

The Helsinki-based space firm said it generated more than €250m in revenue and more than €100m in EBITDA in 2025, while building a contracted backlog of more than €1.5bn.

The company is also doubling satellite production, from 50 satellites per year today to a target of 100 annually by 2028 and beyond.

ICEYE has also recently launched a partnership with the Florida Flood Hub for Applied Research and Innovation to support flood preparedness, response, recovery and resilience.

Florida’s state agencies and water management districts will use ICEYE’s Flood Early Warning, Flood Insights and Flood Rapid Impact solutions to support emergency response operations with advanced notice and near real-time flood data.

The company said it has observed more than 18 flood events in Florida since 2022, and that state agencies have used its data since Hurricane Ian in 2022, with further support during Hurricanes Debby, Milton and Helene in 2024.

Andy Read, vice president of global government solutions at ICEYE, said: “Hurricane season in the US impacts dozens of states, and we recognize Florida as a leader when it comes to adopting innovative approaches to disaster response and resilience.

“By integrating satellite-powered flood intelligence, Florida is setting an example of how states can use data to better protect communities before, during, and after disasters.”