Willis Re, the reinsurance division of Willis Towers Watson, a leading global advisory, broking and solutions company, has deployed a wildfire risk solution that can be used throughout the U.S. to assess location level wildfire risk, and how the risk correlates to the company’s portfolio level wildfire exposure. The new solution supports Willis Re clients to write and price wildfire risk with increased confidence and efficiency for the peril of wildfire.
Technology is shaping better data and analytics for improved wildfire response. Instead of guessing about how a fire has grown and which insureds are impacted, insurers can access regular fire boundary updates within SpatialKey. Up-to-date wildfire perimeter data has historically been a challenge, with insurance professionals resorting to hand-drawn boundaries or custom shapefile creation. Now, insurers can gain a much more accurate and comprehensive understanding of exposure by overlaying the latest fire perimeter data, including multiple models such as RedZone, GeoMac, and NASA data (all available during the latest California fires), with their portfolio data to visualize exposure, apply buffers and filters, and understand TIV and/or policy exposed limits.