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Deadly and destructive wildfires have destroyed or damaged thousands of homes and businesses across the globe, and have caused billions of dollars in insured losses in recent years.

Analysis

'Practical innovation' is helping insurers manage wildfire risk

Insurers are actively trying to get a handle on their wildfire portfolio accumulations and gather perspective on relative risk.

By Louise Braybrooke | October 22, 2019 at 12:30 PM
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The above screenshots show RedZone’s new models for use in portfolio-level analysis. On the left is RedZone’s burn probability layer. When combined with the image on the right, which is RedZone’s hazard control zones, you can develop a firmer understanding of portfolio composition when it comes to accumulations and likeliness to burn. (Image provided by SpatialKey) The above screenshots show RedZone’s new models for use in portfolio-level analysis. On the left is RedZone’s burn probability layer. When combined with the image on the right, which is RedZone’s hazard control zones, you can develop a firmer understanding of portfolio composition when it comes to accumulations and likeliness to burn. (Image provided by SpatialKey)

Florida State University Risk Management Professor Lynn McChristian says, “California is the lab for managing exposure to wildfire risk.”

In other words, if carriers and reinsurers can make it there, they can make it anywhere.

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