The severity and widespread destruction presented by wildfires put millions of U.S. homes at “high or extreme risk” — 4.5 million, according to recent insurance industry analysis.1 For insurers, covering losses associated with that risk totaled $5.1 billion over the course of the past decade.1 It begs the question: How can insurance carriers adequately protect customers while also protecting their bottom line?
Modeling wildfire property risk requires pinpoint precision in map data. Out-of-date or inaccurate information could skew structure location, spatial analysis, and ultimately insurance underwriting availability and options. Insurers now have a proven digital solution to assess wildfire-related risk.
Powered by a proprietary, carefully curated database of property/population information, here are wildfire analytics:
We understand that mitigating risk is only one goal for insurance carriers. Geocoding helps improve the overall customer experience with:
Map data is pivotal in helping insurance carriers manage the unpredictability of wildfires and provide the best coverage to their customers. There’s no better way to understand how geographic data is changing industries than by downloading our THE FUNDAMENTALS OF GEOSPATIAL AI eBook
SOURCE
1Insurance Information Institute, Facts + Statistics: Wildfires, Undated