InsurTech Center

Wildfire event response: How P&C insurers can help fix it

Back-to-back years of devastating wildfire losses caught some insurers by surprise, and established players have suffered.

By Rebecca Morris | February 05, 2020 at 05:00 AM

Shown above is NASA fire perimeter data from last year’s Woolsey fire in California. This data has built-in buffers set at 1, 2, and 3 miles from the perimeter. Insurers can join portfolios to understand which insureds are inside the perimeter and apply buffers and filters to understand TIV and/or policy exposed limits.

Wildfires, like tornadoes, can leave one property leveled and its neighbor unscathed — jumping houses, neighborhoods and boundaries with seemingly no rhyme or reason.

Consider the devastation of 2018′s Camp Fire, which consumed everything in its path and leveled the town of Paradise. And that’s distinct from what happened in Malibu with the Woolsey Fire, which hopped the Pacific Coast highway.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
Educational webcasts, resources from industry leaders, and informative newsletters.
Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account? Sign In Now

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper

Recommended Stories

State insurance regulators issue market intelligence data call

Ray Sugrim | March 14, 2024

More than 400 property insurers received letters requesting data, which is due by June 6, 2024.

12 InsurTechs selected for Lloyd's Lab's fourth cohort

Denny Jacob | April 30, 2020

The twelve successful teams were selected after presenting their ideas during a virtual pitch day on April 2.

Flash flooding, tornadoes rock Gulf Coast states

Brittney Meredith-Miller | April 12, 2024

High winds from these storms reportedly cut power to more than 250,000 customers across the south on Wednesday.

Resource Center

This guide empowers insurance carriers and risk managers to navigate complex regulations, safeguarding their brands from costly SMS and text messaging penalties.

Guide

Sponsored by gryphon.ai

The Ultimate Guide to SMS/Text Messaging Compliance

This guide empowers insurance carriers and risk managers to navigate complex regulations, safeguarding their brands from costly SMS and text messaging penalties.

Browse More Resources ›

Navigating the complexities of P&C core insurance digitization is no easy task. Explore the critical decisions between building or buying and how to achieve operational excellence in this white paper.

White Paper

Sponsored by Origami Risk

Build or Buy? Considering the Critical Decisions in P&C Core Insurance Cloud Digitization Projects

Navigating the complexities of P&C core insurance digitization is no easy task. Explore the critical decisions between building or buying and how to achieve operational excellence in this white paper.

Browse More Resources ›

As more customers “unbundle” their insurance products and spread their business among many carriers, agents must look for creative strategies to retain and grow business. Download this white paper to learn top strategies to ensure success in 2024.

White Paper

Sponsored by Melissa

Clean Your Data to Win the Customer Retention War

As more customers “unbundle” their insurance products and spread their business among many carriers, agents must look for creative strategies to retain and grow business. Download this white paper to learn top strategies to ensure success in 2024.

Browse More Resources ›

PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now

Copyright © 2024 ALM Global, LLC. All Rights Reserved.