Tokio Marine, Iceye to develop insurance for nat cat risks

Japanese insurer Tokio Marine Holdings Inc. has invested in Finland-based flood monitoring company Iceye Oy as it looks to develop new insurance products for serious natural catastrophe risks, Verdict reported. Tokio Marine intends to leverage Iceye’s Daily Coherent Ground Track Repeat technology and data from its satellite constellation to develop a parametric insurance cover, and an insurance claims service for windstorm-related losses, and also accelerate claims payout.