Verisk Expands Collaboration with NFPA to Provide Risk Mitigation Insights Across Western States

Rhea-AI Summary

Verisk (Nasdaq: VRSK) expands collaboration with NFPA to provide wildfire risk and mitigation data to 12 additional states in the western U.S. The data from NFPA's Firewise USA Program will be used for property-level analytics by insurers to refine underwriting and support regulatory compliance. This extended agreement includes states such as Arizona, Colorado, Idaho, Nevada, and Texas, among others.

Positive

• Expanded collaboration with NFPA demonstrates Verisk's commitment to providing valuable wildfire risk data to insurers and supporting regulatory compliance.
• Use of Firewise USA Program data for property-level analytics enhances insurers' ability to accurately assess wildfire risks and refine underwriting processes.

Negative

• None.

Annual risk reports aim to help the insurance industry navigate the changing regulatory environment

JERSEY CITY, Nov. 14, 2023 (GLOBE NEWSWIRE) -- Verisk (Nasdaq: VRSK), a leading global data analytics and technology provider, has expanded its collaboration with the National Fire Protection Association^® (NFPA^®) to provide wildfire risk and mitigation data from its Firewise USA^® recognition program to 12 additional states in the western U.S.

Verisk first collaborated with NFPA in 2020 and has continued to foster that relationship over the years. In 2021, Verisk began leveraging data from NFPA’s Firewise USA Program, which tracks thousands of communities engaging in wildfire mitigation efforts. Verisk uses that dataset for property-level analytics that insurers can use to refine underwriting and support carriers’ needs for regulatory compliance resources.

Through this extended agreement, Verisk will now expand its license from California to mitigation insights for the remaining western coverage states, including Arizona, Colorado, Idaho, Montana, Nevada, New Mexico, Oklahoma, Oregon, Texas, Utah, Washington, and Wyoming.

“Communities that proactively work together to mitigate wildfire risks should be accurately assessed for those efforts,” said wildfire division director at the NFPA Michele Steinberg. “By tracking annual community participationg in the Firewise USA Program, and sharing that data with Verisk, we can help keep them appraised of mitigation activities at a more granular level.”

"Verisk is excited about this expanded alliance with NFPA to leverage community-level mitigation insights throughout the western U.S.” said Doug Caccese, president of risk assessment at Verisk. “These new reports from Verisk provide carriers’ with additional information to support a more comprehensive risk management strategy for wildfire in western U.S. states.”

These mitigation insights can be previewed in newly developed Wildfire Risk Reports from Verisk. The reports also highlight the concentration of structures with high to extreme wildfire risk at the county level, risk in the Wildfire Urban Interface (WUI), construction insights, reconstruction trends, and claim severity totals.

Highlights from the Risk Reports include:

• Around 7% of properties are at high to extreme risk for wildfire across the 13 coverage states. Montana and Idaho have the highest risk concentration. California, a key state for regulatory reform, has nearly 8% of properties at high to extreme risk.
• In the 13 states, 23% of structures are located in the intermix WUI (wildlife urban interface) and 33% of structures are locations in the interface WUI. The percentage of structures in the WUI are estimated by leveraging Verisk’s Industry Exposure Database and data from the U.S. Geological Survey.
• Over 1,700 communities in the 13 states are participating in the Firewise USA Program.

To explore wildfire risk at a glance and preview key mitigation details, interested parties can download the state-specific wildfire risk reports from Verisk.

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About Verisk
Verisk (Nasdaq: VRSK) provides data-driven analytic insights and solutions for the insurance and energy industries. Through advanced data analytics, software, scientific research, and deep industry knowledge, Verisk empowers customers to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud and make informed decisions about global issues, including climate change and extreme events, as well as political and ESG topics. With offices in more than 30 countries, Verisk consistently earns certification by Great Place to Work and fosters an inclusive culture where all team members feel they belong. For more, visit Verisk.com and the Verisk Newsroom.

About the National Fire Protection Association^® (NFPA^®)
Founded in 1896, NFPA® is a global self-funded nonprofit organization devoted to eliminating death, injury, property and economic loss due to fire, electrical and related hazards. The association delivers information and knowledge through more than 300 consensus codes and standards, research, training, education, outreach and advocacy; and by partnering with others who share an interest in furthering the NFPA mission. For more information, visit www.nfpa.org. All NFPA codes and standards can be viewed online for free at www.nfpa.org/freeaccess.

FAQ

What is Verisk (Nasdaq: VRSK) collaborating with NFPA on?

Verisk is collaborating with NFPA to provide wildfire risk and mitigation data from the Firewise USA Program to 12 additional states in the western U.S.

How will the data from NFPA's Firewise USA Program be used?

The data will be used for property-level analytics by insurers to refine underwriting and support regulatory compliance.

Which states are included in the extended agreement?

The extended agreement includes states such as Arizona, Colorado, Idaho, Nevada, and Texas, among others.