Property intelligence InsurTech Betterview has partnered with the National Fire Protection Association (NFPA) to provide property and community level wildfire insights.
NFPA is non profit organisation devoted to eliminating death, injury, property and economic loss due to fire, electrical and related hazards, focusing on helping insurers in California adhere to the state’s pending “Safer from Wildfire” legislation and leveraging insights on community-based wildfire mitigation through the NFPA’s Firewise USA recognition programme.
Betterview is a provider of actionable intelligence to property and casualty (P&C) insurance companies. The company recently launched Wildfire Risk Insights, a feature of the Betterview Property Intelligence & Risk Management Platform, to help insurers protect communities in high-risk areas where wildfires are increasing in both frequency and severity while minimising losses.
California and other states are experiencing more devastating wildfires, and as such insurers need to acquire new data more rapidly to help policyholders proactively prevent damage from these events, Betterview said.
California’s pending “Safer from Wildfire” legislation will require insurers to implement a new rating system for underwriting properties in the state. One particular provision included in the “Safer from Wildfire” legislation even mandates that insurers offer discounts to policyholders taking prescribed precautions against wildfire risk.
Armin Monajemi, VP of strategic partnerships at Betterview, said, “‘Safer from Wildfire’ will greatly impact the insurance industry in California. Insurers can no longer generalise wildfire risk in California, or simply charge high insurance premiums. Instead, they must consider three measures of wildfire risk: the vulnerability of the structure itself, the vulnerability of the immediate surroundings, and finally the vulnerability of the community.
“These more stringent regulations will encourage insurers to get a more complete picture of wildfire risk at the property and community level, to write safer, better-informed policies in the most at-risk communities.”
Betterview recently partnered with locations intelligence and aerial imagery company Nearmap, to boost insurers response time in crises.
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