The Swift, a zero-emission autonomous robot designed by Near Space Labs, delivers impressive performance, capturing imagery of up to 1,000 square kilometers per flight - the equivalent of the area covered by New York City's five boroughs. Weighing only 12 pounds, it operates between 60,000 and 85,000 feet, offering a cost-effective, efficient alternative for industries such as insurance, urban planning, and government.

This deployment arrives as the U.S. home insurance industry faces unprecedented challenges. In 2023, the industry recorded net combined ratios above 110 percent and losses surpassing $101 billion, exacerbated by frequent severe weather events including hurricanes, wildfires, and tornadoes. These events have forced insurers to withdraw from high-risk states like Florida, California, and Texas, significantly impacting homeowners and local economies.

"Many insurance companies are still relying on aerial data collection methods from the 1950s to assess 2024's climate risks," said Rema Matevosyan, CEO of Near Space Labs. "When you consider that only six percent of the $250 billion in losses from Hurricane Helene may be covered by insurance, it becomes clear that outdated risk assessment methods are creating a domino effect: poor data leads to inadequate policy pricing, which leads to carrier losses, which ultimately forces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."

Near Space Labs' advanced imaging network addresses these challenges head-on by delivering quarterly updates of highly detailed, accurate property data. This frequent imagery provides insurers with the tools to monitor evolving risks, refine policy pricing, and potentially reenter markets they have previously exited.

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Aerospace News at SpaceMart.com