Verisk Offers Insurers Address-Level Insights to Better Assess Fire Protection Capabilities
Verisk (Nasdaq: VRSK) has launched LOCATION® Property Protection Score™ (PPS), a new solution providing address-level fire protection scoring for insurers. Building upon their existing LOCATION® Public Protection Classification® (PPC) system, used by over 250 insurers, PPS enhances fire protection assessment with features like actual drive times based on traffic patterns, property-specific characteristics, and detailed water distance measurements. This development comes as U.S. fire departments responded to approximately 1.5 million fires in 2022, causing an estimated $18 billion in property damage, with house structure fires occurring every 88 seconds.
Verisk (Nasdaq: VRSK) ha lanciato LOCATION® Property Protection Score™ (PPS), una nuova soluzione che fornisce punteggi di protezione antincendio a livello di indirizzo per le compagnie assicurative. Basandosi sul loro esistente sistema LOCATION® Public Protection Classification® (PPC), utilizzato da oltre 250 assicuratori, il PPS migliora la valutazione della protezione antincendio con caratteristiche come i tempi di percorrenza effettivi basati sui modelli di traffico, le caratteristiche specifiche della proprietà e misurazioni dettagliate della distanza dall'acqua. Questo sviluppo arriva mentre i vigili del fuoco negli Stati Uniti hanno risposto a circa 1,5 milioni di incendi nel 2022, causando danni materiali stimati in 18 miliardi di dollari, con incendi strutturali che si verificano ogni 88 secondi.
Verisk (Nasdaq: VRSK) ha lanzado LOCATION® Property Protection Score™ (PPS), una nueva solución que proporciona puntuaciones de protección contra incendios a nivel de dirección para las aseguradoras. Basándose en su sistema existente LOCATION® Public Protection Classification® (PPC), utilizado por más de 250 aseguradoras, el PPS mejora la evaluación de la protección contra incendios con características como los tiempos de conducción reales basados en los patrones de tráfico, las características específicas de la propiedad y mediciones detalladas de la distancia al agua. Este desarrollo se produce en un momento en que los departamentos de bomberos de EE.UU. respondieron a aproximadamente 1,5 millones de incendios en 2022, causando daños materiales estimados en 18 mil millones de dólares, con incendios en estructuras de viviendas ocurriendo cada 88 segundos.
Verisk (Nasdaq: VRSK)가 새로운 솔루션인 LOCATION® Property Protection Score™ (PPS)를 출시하였습니다. 이 솔루션은 보험사를 위해 주소 수준의 화재 보호 점수를 제공합니다. 250개 이상의 보험사가 사용하는 기존 LOCATION® Public Protection Classification® (PPC) 시스템을 기반으로 하여, PPS는 교통 패턴에 따른 실제 주행 시간, 특정 자산의 특성 및 상세한 수원 거리 측정과 같은 기능으로 화재 보호 평가를 강화합니다. 이 개발은 2022년에 미국 소방서가 약 150만 건의 화재에 대응했으며, 이로 인해 약 180억 달러의 재산 피해가 발생하고, 주택 구조 화재가 매 88초마다 발생하고 있다는 사실을 배경으로 하고 있습니다.
Verisk (Nasdaq: VRSK) a lancé LOCATION® Property Protection Score™ (PPS), une nouvelle solution offrant des scores de protection incendie au niveau de l'adresse pour les assureurs. S'appuyant sur leur système existant LOCATION® Public Protection Classification® (PPC), utilisé par plus de 250 assureurs, le PPS améliore l'évaluation de la protection contre les incendies avec des caractéristiques telles que les temps de conduite réels basés sur les modèles de circulation, les caractéristiques spécifiques à la propriété et des mesures détaillées de la distance à l'eau. Ce développement survient alors que les pompiers américains ont répondu à environ 1,5 million d'incendies en 2022, provoquant des dommages matériels estimés à 18 milliards de dollars, avec des incendies de structure de maison se produisant toutes les 88 secondes.
Verisk (Nasdaq: VRSK) hat LOCATION® Property Protection Score™ (PPS) eingeführt, eine neue Lösung zur Bereitstellung von Brandschutzbewertungen auf Adress-Ebene für Versicherer. Basierend auf ihrem bestehenden LOCATION® Public Protection Classification® (PPC) System, das von über 250 Versicherern genutzt wird, verbessert PPS die Bewertung des Brandschutzes mit Funktionen wie tatsächlichen Fahrtzeiten basierend auf Verkehrsströmen, eigenschaftsspezifischen Merkmalen und detaillierten Wasserdistanzen. Diese Entwicklung kommt zu einem Zeitpunkt, an dem die Feuerwehr in den USA im Jahr 2022 auf etwa 1,5 Millionen Brände reagiert hat, was zu geschätzten Sachschäden von 18 Milliarden Dollar führte, während alle 88 Sekunden ein Hausbrand auftrat.
- Enhancement of existing fire protection assessment system used by 250+ insurers
- Introduction of more granular, address-level fire protection scoring
- Integration of real-time traffic patterns and property-specific data for better risk assessment
- None.
Insights
The introduction of LOCATION® Property Protection Score™ represents a significant advancement in property risk assessment technology. This address-level fire protection scoring system offers unprecedented granularity compared to traditional community-based assessments, incorporating important variables like real-time traffic patterns and property-specific characteristics.
With U.S. fire departments responding to fires every 88 seconds and annual property damage reaching
This tool's market impact extends beyond pricing - it creates a feedback loop where communities are incentivized to improve their fire suppression systems, potentially reducing overall insurance costs and improving public safety. For insurers, this represents a competitive advantage in risk selection and pricing sophistication.
LOCATION® Property Protection Score™ (PPS) measures homeowners fire protection with deeper granularity and enhanced scoring criteria
JERSEY CITY, N.J., Nov. 19, 2024 (GLOBE NEWSWIRE) -- Verisk (Nasdaq: VRSK), a leading global data analytics and technology provider, today introduced LOCATION® Property Protection Score™ (PPS), which provides insurers with a score that represents fire protection capabilities at the address level. This score supports an insurers’ ability to accurately rate and underwrite personal lines homeowners risks.
LOCATION PPS builds on Verisk’s LOCATION® Public Protection Classification® (PPC), the industry standard for community-based fire protection scoring used by more than 250 insurers. LOCATION PPC tracks the response capabilities of local fire departments across more than 36,000 fire protection areas and incorporates a range of grading criteria such as emergency communications, fire department, water supply and community risk reduction.
Consistent with LOCATION PPC, LOCATION PPS leverages the Fire Suppression Rating Schedule (FSRS) criteria and is enhanced with inputs such as:
- Actual expected drive times between an address and the nearest responding fire station, based on localized traffic patterns in addition to distance.
- A proprietary data set of property-specific characteristics.
- Deeper granularity in the measurement of distance to water.
“Insurers want stronger predictive performance and informative insights surrounding the properties they insure, and LOCATION PPS delivers,” said Austin Grigsby, associate vice president, personal property solutions at Verisk. “As with LOCATION PPC, fire departments and communities can impact LOCATION PPS scoring by updating and maintaining their fire suppression system and criteria – in turn, building more resilient communities.”
According to The National Fire Protection Association (NFPA), U.S. local fire departments responded to an estimated 1.5 million fires in 2022, resulting in an estimated
James Roche, senior vice president of property product management at Verisk, added: “LOCATION PPS’s innovative efforts can provide insurance carriers greater granularity in fire protection assessment, which is essential for assessing the relationship between fire suppression and related losses. As an industry, it’s pivotal we account for all external factors that can impact response time and capabilities – because every second matters.”
LOCATION PPS is now available in select markets. For more information about LOCATION PPS, please visit Verisk’s LOCATION fire protection webpage.
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About Verisk
Verisk (Nasdaq: VRSK) is a leading strategic data analytics and technology partner to the global insurance industry. It empowers clients to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud and make informed decisions about global risks, including climate change, extreme events, sustainability and political issues. Through advanced data analytics, software, scientific research and deep industry knowledge, Verisk helps build global resilience for individuals, communities and businesses. With teams across more than 20 countries, Verisk consistently earns certification by Great Place to Work and fosters an inclusive culture where all team members feel they belong. For more, visit Verisk.com and the Verisk Newsroom.
FAQ
What is Verisk's new LOCATION Property Protection Score (PPS) for fire protection assessment?
How many insurers use Verisk's LOCATION Public Protection Classification system?
What was the estimated property damage from fires in the US in 2022 according to VRSK?
