EigenRisk Adds Teren Wildfire Model to CAT Risk Management Platform

Teren’s model provides a resource for risk managers and property insurance underwriters designed to depict relative potential for wildfire occurrence at a high resolution.

(Image source: Teren website.)

EigenRisk (Ann Arbor, Mich.) has announced a new agreement with Teren, Inc., a Denver-based climate resilience data and analytics company, to make Teren’s U.S. wildfire potential model available through the EigenPrism catastrophe risk management platform.

Deepak Badoni, President, EigenRisk.

“In the aftermath of another record-breaking year for U.S. wildfire events and damage, there’s a tremendous need for precise information on wildfire risk within well-defined geographic areas,” comments Deepak Badoni, president, EigenRisk. “Our relationship with Teren brings a critical resource for risk managers and property insurance underwriters designed to depict relative potential for wildfire occurrence at a high resolution.”

“We’re pleased to offer our U.S. wildfire potential model to the risk management and insurance community through EigenRisk’s platform,” says Katherine Kraft, director of Product. Teren. “Our model integrates and analyzes climate, terrain, vegetation, and land use data to create an index of wildfire potential for the conterminous U.S.”

Teren delivers climate resilience data to help organizations build and operate resilient businesses and sustainable communities. By harnessing remotely sensed data, powerful processing, and modern data science, Teren reports that it delivers hyper-localized, actionable insights to manage climate risk and build resilience over time. The venedor says its wildfire potential model explains 83 percent of variability in historical wildfire events occurring between 2000 and 2021.

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Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at AnthODonnell@IIReporter.com or (503) 936-2803.

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