Specialists are calling the 2018 wildfire season part of another record-breaking year, specifically due to the property losses in California. They’re also predicting another detrimental 2019 wildfire season. Even though 2018 had less wildfires than 2017, the harm and size surpassed 2017 significantly. With megafires on the rise, companies need to reconsider their risk approach so they can confidently underwrite wildfire threats and proactively receive alerts to grow their portfolios and protect people.
Jen Smoldt from SpatialKey wrote on the 3 Ways P&C Insurers Can Get More Creative About Wildfire Risk. This article focuses on actionable tactics to grow your portfolio and assess wildfire risk when it comes to underwriting, claims and portfolio management.
Wildfire risk is rising, which is why it is crucial that we adjust our approaches to conquer this threatening hazard. Reassess your data when it comes to evaluating exposure and monitor wildfire activity in real-time to eliminate guesswork with geospatial analytics and technology. Read SpatialKey’s article to learn more about the current U.S. wildfire landscape and how you can better use data and analytics to protect your clients.