AER and Verisk Underwriting Help Streamline Wildfire Recovery and Peril Risk Management
When wildfires occur in populated areas, AER and Verisk Insurance Solutions – Underwriting provide claims and underwriting professionals with solutions to help victims get back on their feet quickly.
When a wildfire blazes, insurers immediately deploy catastrophe response teams to offer help and begin the recovery process for their policyholders. The same wildfire analysis data that claims professionals use also helps underwriters assess regions for underwriting moratoriums. Catastrophe, claims, and underwriting teams integrate the AER wildfire analysis into their workflow of providing consistent data across the enterprise.
Two Verisk Analytics companies, Atmospheric and Environmental Research (AER) and Verisk Insurance Solutions – Underwriting, deliver tools that insurers use to provide immediate service and to apply lessons learned to reduce the property risk from future wildfires.
These images highlight the analyses provided during and after the devastating Black Forest wildfire near Colorado Springs. Respond™ for wildfire analysis can deliver updates to clients multiple times a day.
Claims Responders Assist Policyholders through AER Respond Service for Wildfire
By harnessing satellite-based damage analysis and high-resolution imagery, the Respond™ service for wildfire gives insurers a deeper understanding of the wildfire location. The service lets insurers help victims get back on their feet as soon as possible.
The Respond service for wildfire gives insurance carriers a comprehensive, near-real-time, high-resolution analysis of wildfire damage locations. Catastrophe teams can analyze the damage perimeters in a variety of geospatial platforms to determine where to deploy teams, fine-tune the potential effect on policyholders and establish loss reserves.
Supporting their carrier partners, restoration professionals can understand the magnitude of properties damaged, plan demand for materials, and begin to pre-position staff and resources before arriving on-site. That makes the rebuilding process easier and faster for everyone involved.
AER analysis began on June 12 and delivered the wildfire perimeter files to clients on the morning of June 13, much earlier than other sources. Updates of AER Respond for wildfire analysis are delivered to clients up to multiple times a day.
AER Respond satellite-based analysis of the Black Forest, Colorado fire showing burn area on June 12, 2013, and the expansion of new burn areas on June 13 and June 16. A close-up of region in the blue box is shown below.
The wildfire perimeters for accumulated burn, new burn and hotspots are created using satellite change detection. Analysis files are delivered to clients as soon as the wildfire is detected via satellite and continuously throughout the wildfire event.
Black Forest CO wildfire. High-resolution image of western section of affected area from June 16, 2013. The red icons represent damaged structures.
Underwriters Use LOCATION FireLine to Understand Wildfire Risk to Properties
Underwriters analyzing wildfire risk use LOCATION FireLineTM, powered by AERTM technology, to gain valuable insight about setting moratoriums and other underwriting guidelines. FireLine has thoroughly analyzed the burn area for the Black Forest fire. The summary is available for insurers who register here.
Black Forest fire analysis from LOCATION FireLine, powered by AER technology. Of nearly 500 homes damaged or destroyed, 100% were identified as exposed to the wildfire hazard and 52% were located on sloped terrain. View more detail here.
To learn more about how these Verisk Analytics companies are helping insurance professionals and the victims of the Colorado wildfire, contact us or visit the Verisk Insurance Solutions - Underwriting website.