Near Space Labs, a provider of aerial imagery for insurance and other applications, has launched stratospheric robots across the United States. This network delivers improved, ultra-high-resolution imagery nationwide.
The robots offer 7cm resolution, matching or surpassing traditional aerial survey quality. They represent the first such network in the continental US, providing insurers with frequent updates to monitor conditions, assess risks, and price policies accurately. This capability could help insurers re-enter markets they previously left.
Known as The Swift, these zero-emission robots can capture imagery across 1,000 square kilometers per flight, equivalent to New York City’s five boroughs. Weighing just 12 pounds, they operate autonomously at altitudes of 60,000–85,000 feet.
Near Space Labs claims this technology is more cost-effective than traditional methods, benefiting insurance companies, urban planners, and government agencies.
This expansion comes as the US home insurance sector faces significant challenges. In 2023, insurers reported combined ratios exceeding 110% and losses surpassing $101 bn, driven by increasingly severe weather events like hurricanes, tornadoes, and wildfires.
Insurers have pulled back from high-risk states such as Florida, California, and Texas, impacting homeownership and regional economies.
Near Space Labs notes the need for better risk assessment tools to address the growing gap between climate risks and insurers’ capabilities. CEO Rema Matevosyan criticized reliance on outdated aerial data collection methods. She noted that only 6% of the $250 bn in losses from Hurricane Helene were insured, illustrating the cascading effects of inadequate data on pricing, losses, and market exits.
Many insurance companies are still relying on aerial data collection methods from the 1950s to assess 2024’s climate risks. Poor data leads to inadequate policy pricing, which leads to carrier losses, which ultimately forces insurers to abandon entire markets—leaving homeowners stranded and unable to secure mortgages.
Rema Matevosyan, Near Space Labs’ CEO
The company asserts that its quarterly updates provide insurers with accurate, detailed property information, helping address these challenges and stabilize the industry.
