Verisk Expands Collaboration with NFPA to Provide Risk Mitigation Insights Across Western States
November 14 2023 - 8:03AM
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.
###
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.
Mary Keller
617-954-1754
Mary.keller@verisk.com
Verisk Analytics (NASDAQ:VRSK)
Historical Stock Chart
From Apr 2024 to May 2024
Verisk Analytics (NASDAQ:VRSK)
Historical Stock Chart
From May 2023 to May 2024