June 7, 2021 3:04 pm
Verisk will use Firewise USA® boundary data to help develop underwriting analytics for insurers about properties that are part of community wildfire mitigation efforts
National Fire Protection Association
JERSEY CITY, N.J. — More than 4.5 million U.S. properties are at a high-to-extreme risk of wildfire, with more than two million of those in California alone, according to estimates from Verisk, (Nasdaq:VRSK), a leading global data analytics provider. To help promote the importance of building resilient communities to property insurers and their customers, the National Fire Protection Association is providing Verisk with robust data on communities engaging in wildfire mitigation efforts.
Verisk will leverage the data from the NFPA Firewise USA® recognition program to develop property-level analytics insurers can use to refine their underwriting. This collaboration will help NFPA by promoting the value of community-wide wildfire risk reduction activities to a broader public.
“The record-breaking wildfire seasons in recent years has underscored the devastation these catastrophes can cause. Communities can take steps to protect properties and the surrounding neighborhood, including educating property owners and encouraging them to take wildfire risk reduction steps,” said Jim Pauley, president and CEO of the NFPA. “By sharing the data on these efforts with Verisk, we’ll be able to further promote the need for community and individual action to reduce risk.”
“Our collaboration with NFPA will not only enable insurers to assess wildfire risk mitigation efforts but will also help communities recognize the growing importance of resilience,” said Doug Caccese, president of ISO Personal Lines at Verisk. “We’ll be able to strengthen efforts to protect people and property from the dangers of wildfire and be a leading provider of mitigation data to the insurance industry.”
The national Firewise USA recognition program is administered by NFPA and is co-sponsored by the USDA Forest Service and the National Association of State Foresters. It provides a voluntary, collaborative framework to help neighbors in a geographic area get organized, find direction, and take action to increase the ignition resistance of their homes and community to reduce wildfire risks at the local level.
Public education about wildfire safety is also one part of Outthink Wildfire, an NFPA policy initiative, which calls on all levels of government to make significant policy changes to create safer homes and businesses through home upgrades and risk reduction, sound building and land use standards, and increased resources for managing wildland fuels.
Verisk has developed a full suite of solutions that can help insurers and communities assess wildfire risk. The suite includes the property-level risk scoring tool FireLine® and solutions that provide evaluations of local fire protection capabilities, insights on building code enforcement, assessments of defensible space, and post-event aerial imagery. Verisk also offers probabilistic wildfire modeling for portfolio management and risk financing strategies and assistance with claim management.
Verisk (Nasdaq:VRSK) provides predictive analytics and decision-support solutions to customers in the insurance, energy and specialized markets, and financial services industries. More than 70 percent of the FORTUNE 100 relies on the company’s advanced technologies to manage risks, make better decisions and improve operating efficiency. The company’s analytic solutions address insurance underwriting and claims, fraud, regulatory compliance, natural resources, catastrophes, economic forecasting, geopolitical risks, as well as environmental, social, and governance (ESG) matters. Celebrating its 50th anniversary, the company continues to make the world better, safer and stronger, and fosters an inclusive and diverse culture where all team members feel they belong. With more than 100 offices in nearly 35 countries, Verisk consistently earns certification by Great Place to Work. For more: Verisk.com, LinkedIn, Twitter, Facebook, and YouTube.
NFPA: 125 Years of Protecting People and Property
The National Fire Protection Association® (NFPA®) is a global self-funded nonprofit organization devoted to eliminating death, injury, property, and economic loss due to fire, electrical, and related hazards. The association began its work to solve the fire problem in a young, industrialized nation in 1896 and is recognized around the globe as a leader in advocating safety. NFPA delivers information and knowledge through more than 325 consensus codes and standards, research, training, education, outreach, and advocacy; and by partnering with others who share an interest in furthering the NFPA mission. In celebration of its 125thAnniversary, NFPA will be hosting a Conference Series and other initiatives that reflect the association’s steadfast commitment to advancing fire and life safety for the next 125 years and beyond. For more information or to view NFPA codes and standards for free, visit www.nfpa.org.