JERSEY CITY, N.J., January 10, 2013 — Verisk Insurance Solutions – Underwriting, a unit of Verisk Analytics (Nasdaq:VRSK), today announced that FireLineTM — its industry-leading wildfire risk management system — is now available for Texas. FireLine assesses wildfire risk for individual properties to support underwriting decisions and manage exposure concentrations. FireLine has also been used in support of approved property insurance rate filings for individual carriers in California.
“2011 was one of the worst years on record for wildfire losses in Texas,” said Neil Spector, president of Verisk Underwriting. “According to the Property Claim Services [PCS] unit of Verisk Analytics, the Bastrop County wildfire destroyed more than 1,600 homes and cost insurers $500 million. Companies insuring properties in Texas need FireLine to identify properties at risk from wildfires to effectively manage exposure concentrations in high-risk areas.”
Originally designed in collaboration with leading California insurers, FireLine identifies and provides a score for each property exposed to wildfire risk. Scores are based on the three critical factors that contribute to wildfire risk:
FireLine uses satellite imaging technologies developed by Verisk Analytics subsidiary Atmospheric and Environmental Research (AER) to analyze and process high-resolution satellite images that identify fuels, slope, and access in relation to each at-risk property in Texas.
Access to FireLine is available in a variety of ways to support straight-through-processing underwriting environments, detailed underwriting analysis, and portfolio-level exposure concentration analysis.
In addition to Texas and California, FireLine is available in Arizona, Colorado, Idaho, Nevada, New Mexico, Oregon, Utah, and Washington. Other states can be added upon request.
About Verisk Insurance Solutions – Underwriting
A unit of Verisk Analytics (Nasdaq:VRSK), Verisk Insurance Solutions – Underwriting is a leading source of underwriting information about property/casualty insurance risk. Drawing upon vast experience in data management, predictive modeling, and risk-assessment solutions, Verisk Insurance Solutions includes the industry-leading brands of ISO, AIR Worldwide, and Xactware. In the United States and around the world, Verisk Analytics helps customers protect people, property, and financial assets. For more information, visit www.verisk.com/insurance.