Liberty Mutual Reinsurance has signed a memorandum of intent with the European Space Agency’s Business Applications and Space Solutions operation, which was formed in 2010 and has since supported 750 projects to help companies deliver space-based services and products.

The three-year collaboration will explore how satellite data can be used to design better insurance solutions as well as how it can advance risk models for climate resistance.

Victor Bouton, head of science, parametrics and agriculture at Liberty Mutual Reinsurance, said: “We are excited to announce our partnership with ESA. Through collaboration and forging partnerships outside of the insurance industry, we can develop cutting-edge solutions to meet the ever-changing needs of climate change related risk.”

Ana Raposo, business applications and partnerships officer at ESA, added: “It will create new opportunities for businesses looking to develop commercially viable space-based solutions for the insurance market across multiple sectors, and particularly around agriculture and forestry where climate change is having a big impact.”