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September is National Preparedness Month, which raises awareness about the importance of preparing for disasters and emergencies that could happen at any time. This collection of articles will help insurance professionals and their clients mitigate exposures and understand what to do before and after a disaster.

Analysis

Underwriting wildfire risk requires a more strategic approach

How can insurers confidently underwrite wildfire risk when the cards seem stacked against them?

By Monique Nelson | February 20, 2020 at 09:00 AM
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The above underwriting report includes critical fire station data from HazardHub along with the relative risk score of the peril itself from Willis Re. This combination of data points helps to contextualize and price risk in a single view. (Image provided by SpatialKey) The above underwriting report includes critical fire station data from HazardHub along with the relative risk score of the peril itself from Willis Re. This combination of data points helps to contextualize and price risk in a single view. (Image provided by SpatialKey)

An increasingly volatile recipe of climate change and urbanization means that the past is no longer representative of the future when it comes to wildfire risk.

Insurers can’t rely on previous wildfire seasons or events to inform future strategy. Just as every wildfire is unique, there simply is no one-size-fits-all approach to underwriting this risk.

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