Wildfire Model and Wildfire Analytics
Recent North America events have had devastating bottom line impact and demonstrated the need for better wildfire risk modeling for underwriting entire portfolios, pricing individual policies, reinsurance purchasing, and capital adequacy.
Application of Wildfire Mitigation to Insured Property Exposure
How could effective wildfire risk reduction measures be applied to insured property exposures?
Models, Experts, and Coffee
RMS VP, Model Product Management Michael Young
Overview of Wildfire Model
RMS Wildfire modeling accurately characterizes fires as they start and travel due to factors that drive fire ignition and spread, including wind, and presence of vegetation. This helps insurers, reinsurers, governments, and financial institutions differentiate safe structures from dangerous ones, conduct risk assessments, estimate potential losses, accurately price fire risk, and optimize risk transfer.
Improve Portfolio Management
Use RMS wildfire models to monitor and manage risk accumulation for any portfolio, protecting from insolvency, stress testing potential losses, and identifying growth opportunities in today’s changing wildfire risk landscape.
Comparative Metrics
Our wildfire analytics provide industry-standard loss metrics similar to those available for other probabilistic models of perils to avoid surprises when looking at CAT bonds.
Corporate Risk Mitigation
Benchmark your business, calculate the benefits of mitigation actions, ensure risk differentiation, and understand wider financial implications.
Changing the Wildfire Analytics Game
The U.S. Wildfire Model quantifies the location and severity of wildfire risk beyond simple techniques for better understanding of impacts.
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Cutting Out Wildfire Risk From the California Electricity Grid
On January 30, 2019, Judge William Alsup, district judge for the Northern District of California, presided over a hearing to discuss the inclusion of wildfire prevention in a 2016 Probation Order mandated to Pacific Gas and Electric (PG&E) in the aftermath of the 2010 San Bruno gas explosion that left eight dead.
Northern California: Fire and Water
From major wildfires just over four months ago, and now major flooding, Northern California seems to leap from one perilous state to another. This time, rainfall from a “potent atmospheric river,” as described by the National Weather Service, caused flooding to over 3,000 properties in Sonoma County.
Better Strategies Needed for a Growing Catastrophe Risk
What will the 2019 wildfire season bring across the United States? Across the United States, around eight-and-a-half-million acres burned in 2018, nearly three times the annual average during the 1980s and 1990s. That is the equivalent of the entire state of Maryland burning in one year.
Gain a Single View of Risk With Wildfire Risk Modeling
Tap into the RMS North America wildfire suite to optimize risk selection, improve underwriting profit, and reduce loss ratio. With more accurate wildfire insights, you have the perspective you need to enhance pricing accuracy, achieve a stronger competitive position, and outperform. From better risk selection to risk appropriate pricing, you have the power to apply risk appetite and quantify mitigation impacts for a more complete picture.
RMS wildfire modeling gives you an on-demand view of risk to help you make better business decisions and improve capital efficiency. Whether you are looking at the technical price of an individual exposure or return period losses for your entire portfolio, you’ll have the most complete view of wildfire risk in the market. And with HD resolution analytics and IBHS building science integrated into the models, you can bring location-level risk mitigation into your development of new products.
Related Products
The RMS wildfire model and related data are included in several RMS products – each tailored to serve different use cases.
Resources
RMS Releases U.S. Wildfire High-Definition Model To Empower (Re)insurers To Address Pervasive Wildfire Risk
NEWARK, Calif. - February 14, 2019 RMS, the world’s leading risk modeling and analytics firm, announces the release of the RMS U.S. Wildfire High Definition (HD) Model, the most comprehensive solution available for addressing wildfire risk across the Contiguous United States (48 States). Since 2014, devastating wildfires have unleashed more than USD $30 billion in claims and five of the 10 most destructive wildfires ever have occurred in the 2017 and…
Find the Right Wildfire Models for Your Business
