Wildfire Risk and Mitigation 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
Wildfires continue to be a costly and potentially growing exposure for many insurers, resulting in billions of dollars in losses. Verisk’s Wildfire Risk Analysis Reports provide a high-level overview of wildfire risk across 13 western states.*
*AZ, CA, CO, ID, MT, NV, NM, OK, OR, TX, UT, WA, and WY
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.
This report examines recent activity, trends, and data-driven tools to help insurers and communities better measure and mitigate risk surrounding three especially destructive categories of hazards: Hail and severe thunderstorms, wildfires, and hurricanes.
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.
Natural hazards are increasing in frequency and severity. Insurers should ask themselves three key questions while managing peril risk across:
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.
Wildfires have moved rapidly to the fore as an exposure for insurers to understand and manage in states at high risk for this peril.Read the article
Despite mitigation measures, natural hazards may still cause damage, and insurers need actionable data to guide underwriting and pricing.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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