Recent wildfires in Northern California, specifically in Napa and Sonoma counties, have sparked widespread devastation across the area to lives, homes, and businesses. Despite the fires still being active, and the numbers still being calculated, this event is already “the deadliest and most destructive series of wildfires in California history,” and among the worst in U.S. history. And with damages estimated between $3 billion and $6 billion (which could still rise), insurers may face another massive payout due to natural catastrophes in 2017. These devastating events are proof that data is the only line of defense for insurers. And, it’s more paramount than ever, to gain a better understanding of how you can use data to better mitigate and underwrite wildfire risk going forward.
A Paras Vineyards building burns in the Napa area Oct. 10, 2017 (courtesy of Josh Edelson/AFP/Getty Images)
This fall, it seems that we can’t catch a break from natural catastrophes and extreme weather. While many people have been eyeing the record-setting hurricanes we’ve seen over the last few months, wildfires in the West are rapidly competing for our attention. Northern California is the latest area to be hit by wildfires, and as of Thursday, they’ve burned for five days straight, with the worst occurring in Napa and Sonoma counties.
IronMan is RedZone’s favorite superhero. And, it’s no wonder because he is, of course, the most data-informed superhero.
If you don't know RedZone, now's the time to become acquainted and here's why: In the U.S. to date (January 1-August 16), 42,010 wildfires have been reported and 6,299,005 acres have burned. Compare this to 3,616,320 for the same period last year. That’s almost double. With staggering numbers like these, insurers need to take a lesson from IronMan and do everything possible to be more data informed.
Fact is, wildfire season is starting earlier, lasting longer, and increasing potential losses. SpatialKey data partner, RedZone, has the wildfire data and accumulation models insurers need to extinguish this ever-increasing threat. Get to know RedZone with this quick 2-minute infographic...
The risk of wildfire is unlike any other, as today, 90 percent are caused by humans. That’s an alarming amount, considering all it would take is one inexperienced hiker failing to properly extinguish their campfire to scorch an entire mountain.
SpatialKey Inc is pleased to offer its insurance clients access to wildfire risk data from RedZone. RedZone provides the most accurate, up-to-date wildfire intelligence for underwriters, now immediately available in SpatialKey’s geospatial insurance analytics platform.
2016 has been a year of growth and evolution here at SpatialKey from enhancing our solution for underwriters, actively monitoring catastrophic events that impacted insurers, and bringing on more 3rd-party data partnerships to fuel our solutions. With 2017 on the horizon, now is the time to reflect on the events of 2016 and understand how they can inform your strategy for 2017.
SpatialKey Inc. (SpatialKey) is pleased to offer its insurance clients access to hazard data from HazardHub, a risk data provider. HazardHub specializes in developing proprietary models and processing past event data to help underwriters and exposure managers better understand the probability of future property damage, in order to write profitable business and maintain a strong portfolio.
Photo credit: shutterstock.com
With hail, hurricane, and wildfire seasons in full swing, summer is always a busy time for claims adjusters. This past summer was no exception, with several major events happening across the globe.
Significant wildfires are impacting Colorado residents this week. Since its start on Tuesday, June 11th, the Black Forest Fire near Colorado Springs has completely destroyed 360 homes, which is the most in Colorado history.