Insurity’s Wildfire Threat Analysis Solution Enables P&C Insurers to Proactively Manage Wildfire Risk in Near Real Time
Summary
With an increase in frequency and severity of these catastrophes, insurers need to be able to proactively track wildfires as they progress to manage portfolio risk. Insurity’s technology enables us to get the most timely and critical information into the hands of the people that need it as fast as possible.” Part of Insurity’s SpatialKey Event Response solution, the Wildfire Threat Analysis solution combines publicly available data from several sources, including the National Interagency Fire Center (NIFC) and NASA Visible Infrared Imaging Radiometer Suite (VIIRS) hot spots to develop an approximate wildfire perimeter as soon as a wildfire is named. In fact, Northern California wildfires in 2017 advanced at a rate of more than a football field every three seconds,” said Kirstin Marr, Head of Insurity Analytics. With Insurity’s Wildfire Threat Analysis, third-party data sources determine if there are any hot spots nearby a specific location. The solution runs an analysis against an insurer’s portfolio to let an organization know whether any of their covered locations fall within buffers ranging from 500 meters to three miles.
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