We are pleased to announce the phase II release of our bushfire risk model, finfire.
Finfire is a bushfire risk rating model, designed to estimate the risk of bushfire occurrence at a property level. The scores we provide can be directly used in pricing and converted into a risk premium.
Our market-leading model is used extensively by a number of major players in the general insurance market. It is part of our finperils suite of products.
What are the phase II enhancements?
Phase I considered bushfire risk factors such as proximity to vegetation, the type of vegetation, the amount of clustering of vegetation surrounding the property, and the depth of vegetation. Phase II introduces additional considerations, which affect the level of bushfire risk, including:
- The direction(s) of the wind on days of high fire danger risk
- The slope relative to wind direction, noting that fire travels faster uphill
- The side of the road the property is on relative to wind direction, noting that the road can act as natural fire breaks
- The number of other properties in close proximity to the property, reflecting that properties in remote areas may be at higher risk.
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