This post is part of a series sponsored by CoreLogic.
Thirty years ago, you only had 17 minutes to escape a fire. She only has 3 minutes today. This is a result of the widespread use of petroleum-based products and furniture in homes and commercial buildings, such as carpets, curtains, furniture foam, and plumbing.
Combine this with recent architectural changes, such as the use of artificial trusses, and fires can spread from room to room much more easily than they did a few decades ago. If the fire department does not arrive within three minutes of the fire starting to spread, significant losses may occur.
Changes in the material composition of homes and buildings are one of many factors in real estate risk assessment. This is just one example of why accurately assessing non-weather fire risks and property resiliency is paramount for insurance companies. Traditional risk assessment methods often fail to capture these nuances.
Assessing resilience at the property level is a complex task. Factors such as proximity to a fire station, type and composition of building materials, and structural features all play important roles in determining the expected severity of fire losses. However, obtaining accurate and up-to-date data on these variables can be difficult. Outdated technology and incomplete data sets can lead to inaccurate risk assessments, which can increase expenses and loss ratios for insurers.
CoreLogic®’s new solution, Fire Resiliency™, provides insurers with unprecedented insight into fire risk at the property level, tackling these challenges head-on by leveraging advances in AI technology and improving structural property characteristics. enables the use of comprehensive datasets. Consider changes in material composition. Fire Resiliency is designed to identify properties with a high likelihood of severity loss due to non-weather fire claims, allowing insurers to enhance their underwriting risk assessment guidelines. In addition, Fire Resiliency leverages a wealth of data across the country, including more than 2.2 million fire reports, more than 53,000 fire station locations, and more than 29,000 fire response areas.
One of the key benefits of Fire Resiliency is that it provides accurate and timely data to insurance companies and risk managers. Fire Resiliency provides actionable insights that help insurers make more informed decisions by analyzing factors such as building materials, proximity to fire stations, and historical fire claims data. To do. This not only helps reduce expenses and loss ratios, but also allows insurers to better adjust their underwriting strategies to more effectively mitigate risks from non-weather fire hazards.
The importance of accurate property-level fire protection data cannot be overstated, especially in a rapidly changing environment of fire risk. As building material compositions and development patterns evolve, insurers must adapt their risk assessment strategies to respond. Fire Resiliency provides accurate, timely, and comprehensive data on non-weather fire risks, helping insurers make smarter decisions, reduce costs, and ultimately help policyholders better serve their customers. Ensure proper protection.
For more information on fire resistance, please contact CoreLogic. here.
©2024 CoreLogic, Inc. All rights reserved. Although all content and information is believed to be accurate, CoreLogic makes no warranties, express or implied, regarding the content or information, including but not limited to its completeness, accuracy, applicability, or suitability. We make no warranties, representations or warranties of any kind. Further, we assume no responsibility or liability for any content, information, Fire Resiliency products, or any reliance thereon. CoreLogic® and Fire Resiliency™ are trademarks of CoreLogic, Inc. or its affiliates or subsidiaries.
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