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Verisk Analytics Inc.’s Verisk Insurance Solutions unit on Tuesday said it has developed a new analytic report that helps insurance underwriters accurately determine the likelihood of fire incidents and a broad spectrum of nonmodeled weather events at specific locations.
The new Peril and Incident Report provides insurers with a historical record of reported fire and gas emergency incidents and nonmodeled weather events, analyzed and presented to help identify the likelihood of a future adverse event, Verisk said in a statement.
Offered as part of Verisk’s ProMetrix commercial property data and analytics product, the report draws on data from Verisk Analytics’ Verisk Climate business and provides details around events such as hail, wind, lightning and wildfire. It includes a trend indication for each of the events, historical occurrences down to the street level of the property for the last five years, the date of the last event, and a hail damage score that shows the probability that a damage-producing hail event affected the property in the past, according to the statement.
“The report provides additional insight by detailing prior documented incidents and scoring the likelihood of future weather-related events," said Anil Vasagiri, vice president of commercial property at Jersey City, New Jersey-based Verisk Insurance Solutions, in the statement. “Carriers can use this new information to better understand risks, align them with their underwriting guidelines, and prioritize inspections for those properties that have a history of incidents but did not result in a corresponding claim.”
A pooled insurance facility to cover natural disasters has been proposed for the 21 member countries of the Asia-Pacific Economic Cooperation, reports Asia Insurance Review citing ABS-CBN.