In this IIL property webinar, Sébastien Piguet and Akshay Sundar will talk about what we currently know about wildfire risk, how to leverage advanced modelling techniques and remote sensing technologies to underwrite the risk, and finally about mitigation and parametric risk transfer solutions available.

Description

The recent 2020 wildfires across the US West Coast and the early-year bushfires in Australia represented the worst fire events in the respective regions in recorded history. Unfortunately, these events are not major anomalies, but appear to follow an upward regional trend of increasing burnt area by season. Driven by factors ranging from climate change to urbanization patterns, forest fire likelihood increases as the incremental amount of contact between humans and risk prone wildlands also increases. Cumulatively, this results in a growing trend in losses sustained.

For insurance, the evolving risk of extremely severe events calls for a much better understanding of the peril. Fortunately, a more accurate estimation of wildfire risk is possible due to recent improvements in satellite data and state-of-the-art modelling techniques that mine value from these newly available, highly granular sources. With this improved understanding, stakeholders can be better prepared, as well as knowledgeable of their exposure to wildfire.

Gain an insight into

• The science of wildfire
• Underwriting wildfire risks thanks to advanced modelling and remote sensing technologies
• Mitigation and parametric risk transfer solution

Speakers

• Sébastien Piguet, Co-founder and Head of Underwriting, Descartes Underwriting
• Akshay Sundar, Underwriter and Data Scientist, Descartes Underwriting