"Wildfire Risk Score" service supports clients in evaluating wildfire risks in North America and estimating damage following a wildfire. Munich Re's service combines loss data from past wildfires with information from publicly accessible scientific sources, resulting in high-resolution risk maps. The application helps insurance companies analyse risks at an early stage. If a wildfire occurs, clients can visualise their exposure in real time and take any initial measures necessary.
The Wildfire Risk Score approach is transferable to any other region in the world. Risk maps currently exist for California, Colorado and Arizona in the USA, and for Alberta and British Columbia in Canada. Munich Re is currently working on developing the Wildfire Risk Score and the risk maps for Texas, New Mexico, Utah and Nevada, and for Portugal. They will be developed later for more regions in Europe and Asia.
"Remote Industries" service permits automated recording of damage following a hurricane. Potential damage to buildings can be roughly estimated as early as two days prior to an expected hurricane and any preventive measures taken.
Aerial photographs of the regions affected are available immediately after the hurricane. The high-resolution aerial imagery is used to estimate damage to buildings with the help of special AI-based algorithms, so insurers often know how severe damage is even before the policyholder does.
The rapid recording of damage significantly reduces the time spent on claims handling, and loss adjusters can be deployed much more effectively and consequential losses avoided. First experiences following Hurricane Michael have demonstrated that the improved processes reduce claims expenditure and increase customer satisfaction and trust in the insurer.Remote Industries is currently available in the USA, including the US Virgin Islands and Puerto Rico, as well as in the Bahamas and the Cayman Islands.
Source: MunichRe.com
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