Wildfire Risk Analytics
The California Department of Insurance has recently adopted a new wildfire regulation that impacts how personal and commercial property insurers operate in the state. To meet changing compliance needs, FireLine®, Verisk’s holistic wildfire risk assessment solution, was enhanced to address requirements of the regulation.
Including key hazard indicators such as fuel, slope, and access.
Surrounding defensible space zones and structure hardening efforts.
Powered by our partnerships with the NFPA and the California Fire Risk Reduction Communities.
From Risk Assessment to Insurer Rate Filings, Verisk Solutions Can Help Insurers Recognize Mitigation Measures Taken by Homeowners and Businesses
FireLine® provides property-specific hazard scores based on the risk factors of fuel, slope, and access, and identifies risks exposed to wind-borne embers. Additional available insights include community-level mitigation information and historical wildfire activity.
Verisk’s wildfire risk analysis determines the number and percentage of properties at high and extreme risk from wildfire in the 13 most wildfire-prone states and two Canadian provinces.*
*AB, AZ, BC, CA, CO, ID, MT, NV, NM, OK, OR, TX, UT, WA, and WY
Verisk supports coordinated research and education to potentially reduce the scope and severity of wildfire losses. As part of this commitment, Verisk works in concert with community-level mitigation programs to track participation. Explore our latest alliances:
Verisk will leverage the data from the NFPA Firewise USA® recognition program to develop property-level analytics insurers can use to refine their underwriting.
Verisk can now provide insurers with greater insight into mitigation efforts by indicating if a property is part of a community participating in the Ready, Set, Go! (RSG) Program.
The partnership brings together experts in insurance, technology, and fire protection. Intterra has worked with the WFCA for several years to develop the Fire Data Lab.
Managing wildfire risk has become an increasingly important challenge for many insurers, as the peril continues to grow in frequency, severity, and scope.
And, with long-term projections showing that this trend will likely continue, understanding research and data on mitigation activities at all levels is emerging as a key trend within the industry.
These efforts allows Verisk to stay connected with customers and address their concerns. The updates to ISO Rating Manuals, which will be filed this year, will give insurers a head-start on incorporating related rating credits for use with their insurance policies. Insurers will also be provided with advisory notices to policyholders concerning such credits.
As wildfires and other natural catastrophes grow in frequency and severity, so does the value of data ecosystems to help insurers gain a comprehensive view of property risk, from address-level exposure to granular, up-to-date reconstruction cost estimates.
FireLine is extensively validated with post-event wildfire data. The tool is frequently updated to better reflect the latest risk landscape, drawing on our deep expertise in the science of wildfire trends and behavior.
A rising risk demands data that can keep up. The growing scope and severity of wildfire risk call for practical, innovative tools to help insurers manage their exposure.
Taking into consideration the nuances of the property you’re insuring can help you take charge of multifaceted risk factors.Read the article
With the wine industry estimating over $3 billion in losses due to these fire events, the spotlight on wildfire risk in Northern California remains as acute as ever.Read the article
Verisk works with fire protection, scientific, and insurance community to provide technology to manage and mitigate wildfire risk.Read the article
A multistep quoting process can fall short of consumers' rising expectations. Verisk helps you serve them quickly through InsurTech platforms, deep data resources, and powerful analytics.
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