Will MIS and Fugro reinvigorate Florida's flood reinsurance?
McKenzie Intelligence Services (MIS), a leading, London-based provider of intelligence data to re-insurers, has partnered with Fugro, the world’s leading Geo-data specialist, to complete a rapid response mapping project in southwest Florida following Hurricane Ian’s destruction in the state.
According to reports, the mapping project required the acquisition of high-resolution aerial imagery over Port Charlotte and Fort Myers, two of the state’s hardest-hit communities where assistance is most needed.
Fugro, a Dutch provider, collects and analyses comprehensive information about the Earth and the structures built upon it. Meanwhile, MIS accelerates disaster relief and economic recovery when people and businesses are most in need. We empower insurers with trusted intelligence to respond to catastrophes, whether natural or man-made.
MIS technology to map post-disaster damage in Florida
Intelligence data provider MIS is using the post-disaster imagery from Fugro to carry out swift and accurate damage assessments. These will enable insurance companies to help their customers recover from this catastrophic event as quickly as possible.
In a statement released by MIS, the provider said the project was accomplished within days of Hurricane Ian making landfall and represents the first collaboration between Fugro and MIS since announcing a strategic partnership earlier this year.
The mapping began with less than 24 hours of notice to proceed, while Fugro began acquiring aerial imagery within hours of the storm’s aftermath.
Data shows that project imagery was made available to MIS within 24 hours of each flight. This complemented existing imagery and data sources, adding to damage assessment work and loss analysis through the provider’s Global Events Observer (GEO) platform.
Climate event insurance options for Florida residents are lacking
It is hoped the data collected by MIS and Fugro will help to rebuild Florida’s reinsurance market, which has declined in recent years as the risk of hurricanes and flooding has increased. Many insurers have lost billions in revenue as a result, and over the past 12 months, a further six have filed for insolvency.
The lack of competition and dynamic technologies operating in the beleaguered insurance marketplace has resulted in Floridians paying three times the national average for their flood and storm damage insurance. This has widened an already gaping protection gap, which saw between 18% and just 1.3% of residents in the worst affected flood areas, have adequate cover to recoup their losses.
Rapid response to hurricane events for insurance data
Speaking about MIS and Fugro’s collaboration in the aftermath of the event, Louise Jones, Head of Intelligence for MIS, explained, “Fugro have been excellent partners as we respond to the devastation caused by Hurricane Ian. Their rapid response and high-quality imagery have been a huge help to our Intelligence team, allowing our analysts to produce accurate and timely assessments of the severity and cause of damage.”
Meanwhile, Keith Owens, Commercial Director of Remote Sensing and Mapping for Fugro in the Americas, added, “Responding to a disaster is never easy, but it is critical work. We are proud to have partnered with MIS on this project, contributing to a timely and accurate post-storm analysis that will make a meaningful difference in the communities where we worked this past week.”
