Verisk Expands Wildfire Risk Management Service to Three New States
Staff Writer | May 04, 2015
Verisk Insurance Solutions announces the addition of Montana, Oklahoma, and Wyoming to its FireLine wildfire risk management service. FireLine provides the detailed, up-to-date information insurers need to analyze wildfire risk at the individual address level.
FireLine uses advanced satellite data to assess the effects of the three primary factors that contribute to wildfire risk: fuel, slope, and road access. Fuel represents the vegetation surrounding the property, slope refers to the grade of the land upon which the property is built, and road access identifies potential barriers for firefighters to protect the property. For each address, FireLine provides a score for each primary risk factor and an overall wildfire hazard score.
"Even though it's difficult to predict precisely when and where wildfires will strike, insurers can better manage risk by knowing the relative wildfire risk of properties they insure," says Steve Lekas, vice president of property underwriting products at Verisk Insurance Solutions. "FireLine helps insurers manage wildfire risk at individual risk and aggregate risk levels. And several state departments of insurance have acknowledged use of FireLine scores in segmenting pricing."
According to a FireLine wildfire risk analysis, at least 30 percent of all households in Oklahoma and Wyoming are at moderate to high risk of wildfire losses. In Montana, it's more than 50 percent.
"Working closely with insurers, we recognized the need to bring our leadership in satellite sensing and weather technologies to wildfire risk assessment in these new states," says Arindam Samanta, Ph.D., senior manager of underwriting products and analytics at Verisk Climate.
With the new additions, FireLine is now available for 13 states.
Additionally, FireLine data is used to produce state wildfire risk reports—a summary of the number of households exposed to wildfire risk—for the three new states, as well as for the ten original states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, and Washington. The 2015 reports for all 13 FireLine states are expected to be publicly available later in May.
FireLine is part of the LOCATION suite of property products that provides accurate, essential data on every U.S. property to help insurers assess risk effectively and make sound underwriting decisions.
- Martha Notaras Will Join ITA LIVE 2019 as a Keynote Speaker
- Five Things to Consider When Evaluating Your Cyber Risk
- ITA Pro Magazine, January/February 2019
- Major Ransomware Attack Could Hit U.S. with $89B In Economic Damages
- ITA Announces 1st of Three Keynote Speakers at ITA LIVE 2019
- Electronic Chat with Jeroen Morrenhof
- Legacy Systems Are Dead. Really? Don't Count On It.
- Now Accepting Nominations for the 2019 ITA Bridge Awards
- It's time to register for ITA LIVE!
- Registration is Now Open for ITA LIVE 2019!
- What to Expect from a Digital Experience Platform Implementation
- ITA Pro Magazine September Edition is Now Available
- It's National IT Professionals Day
- Save the Date for ITA-LIVE 2019
- OneShield Software and UrbanStat Work Together to Improve Real-Time Analytics and Risk Decision-Making
- ITA LIVE 2019 - SAVE THE DATE!
- Insurance Technology Association Announces New Editor-in-Chief
- August 2018 Edition ITA Pro Magazine is Now Available
- Enterprise Architecture in an Agile World
- Top 10 Tips for Securing Your Mobile Devices and Sensitive Client Data
- Industry Insight: 4 Global Insurance Trends in Digital, Data, Content Services and Security
- Diving Deeper into Prioritizing Your Strategic Digital investments
- Why Content Rules
- How Mass Personalization Will Open the Small Business Benefits Market
- At Year End 2017, Will Your Organization Be Protected from Cyber Risks?
- Do Insurance Bots Dream of Mitigating Risk?
- Conditioned to Respond
- Managing & Mobilizing Insurance Data in a Connected World
- Race to the Finish Line
- New Tools, New Opportunities in Claims
- ITA LIVE: Reaching Insurance Industry Crossroads
- Advice to Insurance IT Leaders: Keep Your Eye on the Ball
- New Date, Venue for ITA LIVE 2017
- Guidewire Makes Major Push to Small and Midtier Market by Acquiring ISCS
- Insurance Disruption is Happening Right Now
- Insurity Adds Strategic Investment Partner, General Atlantic
- Beyond Transformation: The Convergence of Finance, Risk, and Actuarial Functions
- The Rapid Evolution of Consumer Protection Regulation
- Talent Hunt: Finding, Attracting, Retaining Top People
- Insurers Flexing Their Distribution Models
- Technology Driving Disruption in Insurance
- Fear of ‘Next Bubble’ Challenges Life, Annuity Carriers
- Technology Allows Commercial Lines Insurers to Stand Out
- Single Sign-on Viewed as Biggest Tech Challenge for Agencies
- ISCS Observes 20th Anniversary; Scurto Predicts Major Changes Ahead
- Policyholders and Their First Impressions
- Progressive Making Progress on the UBI Front
- High and Dry: Insurers Search for Disaster Recovery Plans
- Insurers Sign The (Un)Dotted Line
- Reflections of a Retired Insurance CIO
- Mobile Device Management Just One Answer to BYOD Issue
- Lessons from GEICO and Progressive on Winning the Critical Buying Stage
- You Are a Target for a Cyber Attack
- Web-based Systems are the Next Evolution in Claims Technology
- Gaining a “Wow” Experience from Web Users
- Time to Shift from Business/IT Alignment to Business/IT Alliance
- Healthcare Insurers Changing to Consumer Model
- Organization is the Key for Selecting Software Vendors
- Analysts Expound on the Needs of the Mid-tier Insurance Market
- Finding the Cure for Obamacare’s Website
- New Software Solutions Benefit Insurers on the Inside and Outside
- Products, Market Impede Investment in Systems for Life Insurers
- Combatting Cyber Threats: Predict, Prevent, Persist
- The Future of Telematics Heads Beyond Insurance
- The Shame in Cyber Security Lapses
- Building Policy Administration Systems for the Future
- Insurers Look Into The Eyes of Their Policyholders
- It’s a New Dawn for the ITA
INSURANCE IT NEWS
- RLI Selects DataCubes to Optimize Certain Underwriting Processes
- Reinsurance Software WebXL Version 4.3 Released by Prima Solutions-Effisoft Group
- Direct Online Could Grow to 12% of Small Commercial Insurance Market by 2023, Says Novarica
- David Fisher joins FRISS board as non-executive member
- Gulfstream Property and Casualty Insurance Company Selects Roost®Home Telematics Solutions
- Promutuel Insurance Extends Guidewire PolicyCenter to Support Personal Lines Including Data Management and Policyholder Digital Engagement
- Global Insurance Accelerator Announces Nicole Cook as Next Managing Director
- 60% of Carriers Planning to Increase Quality Assurance Activities in 2019, Says Novarica
The Email Chat is a regular feature of the ITA Pro magazine and website. We send a series of questions to an insurance IT leader in search of thought-provoking responses on important issues facing the insurance industry.
ITA LIVE 2019
The tide is up! It's time to register for ITA LIVE 2019, our annual educational and networking conference! Our theme is "The InsurTech Revolution: Cutting Through the Hype." and we'll be bringing in a torrent of industry thought leaders, amazing insight and wonderful perspectives on the world of insurtech and its impact on the insurance landscape.
ITA LIVE 2019 will present real-life examples of true startup technologies that are helping insurers gain real advantage -- and a competitive edge -- in the marketplace. We’ll highlight the more successful InsurTech partnerships, while offering case studies that demonstrate exciting innovation and cutting-edge techniques impacting all aspects of the insurance ecosystem.
Ride the wave to LIVE 2019. Sign up today! We look forward to seeing you in May, 2019!
BLOGS AND COLUMNS
This month, the ITA celebrates Insurance Careers Month and encourages carriers, brokers, agents and our industry associations to plan their own... READ MORE
Customization in the general sense has a very positive connotation. However, in the world of software systems, customization quite often falls short... READ MORE
You have surely heard it said that small businesses are the growth engine for America. Today, the phrase has a special ring to it for benefits... READ MORE
With stagnant growth and lingering low interest rates, the life insurance industry faces a challenging future... READ MORE
Finding insurance carriers willing to write commercial lines risks has always been a challenge for producers... READ MORE
As Guidewire Software prepares for the start of Connections, its 11th annual user conference that begins on Nov. 2, Brian Desmond, chief marketing... READ MORE