USA — (EON: Enhanced Online News)–Today, at the opening of RAAs Cat Modeling conference in Orlando, Florida, Pitney Bowes Software, a global leader in customer data, analytics and communications management, launched the first national wildfire risk software solution for the Insurance sector. The Pitney Bowes Risk Data Suite Wildfire Bundle for property and casualty insurers is available for commercial and private markets.
For the first time, insurers have the national geospatial data for underwriting wildfire risk across the U.S.
According to the National Interagency Fire Center, more than 82,000 wildfires occurred across 10 million acres in the U.S. last year.
Insurers can now attribute accurate wildfire risk ratings during the underwriting process to any commercial or private location in the United States. Underwriting calculations can now integrate wildfire risk in much the same way they account for flood risk to establish correct policy pricing.
The data suite supports cat modeling with fire behavior science provided by Anchor Point Group Fire Management Consultants. The vast array of vegetation across the U.S., weather history and key geological attributes are calculated by location to help predict how wildfires are fueled and how they might spread.
For the first time, insurers have the national geospatial data for underwriting wildfire risk across the U.S., said John OHara, executive vice president and president, Pitney Bowes Software. We are excited to deliver critical fire science intelligence that will help insurers to more accurately identify, assess and mitigate risk exposure from these catastrophic events.
With Wildfire Risk Data, hundreds of millions of policies may be processed in an hour. It is available as software-as-a-service or as an on premise solution. Insurers can use spatial data to assess wildfire risk at a particular location without the need to visualize the data with each location on a map. For more information on Pitney Bowes Wildfire Risk Data, contact Bill Sinn at 215-368-1556 or firstname.lastname@example.org.
About the RAAs Cat Modeling 2012 Conference, February 14-16, 2012 in Orlando, Florida
Catastrophe models are a key risk management tool for insurers and reinsurers. Regulators, insurers, rating agencies, and financial institutions use model output in their analysis and evaluation of enterprise risk. Cat ModelsThe New Risk addresses the challenge of balancing the need for stable risk assessment tools versus the need for continued model improvement as better scientific, building performance, and historical loss data becomes available. The Conference reviews these issues in order to provide various means for improving the interpretation of model output and methods for making decisions when data or analytics are less accessible.