Global Events Observer, known as GEO, was developed in 2021 using co-funding from the European Space Agency’s Business Applications programme. Since then, GEO has accumulated over 900 users across both Lloyd’s of London and the wider insurance market. In addition, #GEO now services 56 major international insurers and risk exposures worldwide. In just a year, GEO has provided insurers with quick and precise intelligence on 55 catastrophic events covering more than 600,000 sq/km across six continents as well as 20 major global events, including Hurricane IDA, flooding in Queensland and Germany, the Russian invasion of Ukraine, major US tornadoes, UK winter storms, and wildfires on the US West Coast.
Just before the launch of GEO, Coverager® caught up with ESA Business Applications Engineer Volker Schumacher and Head of ESA Space Solutions Nick Appleyard together with MIS Founder and CEO Forbes McKenzie to discuss the project and how it came to fruition.
We are proud to have GEO be confirmed as a finalist for the prestigious Insurance Insider 2022: InsurTech Solution of the Year Award.