GlobalData
2 min read
In This Article:
Hiscox has partnered Bellwether, a team at X, Alphabet’s Moonshot Factory, to introduce a new approach to wildfire modelling for the Californian insurance market.
The collaboration involves Hiscox London Market’s Property division working with Bellwether to incorporate its AI-powered wildfire model into existing risk scoring and modelling processes, seeking to improve risk selection and pricing for insurance products.
The new model is already providing additional insurance options for homeowners in California.
Bellwether’s tool analyses extensive data to estimate wildfire risk, incorporating historical environmental information and various risk drivers.
The company claims that Bellwether has been designed to forecast wildfire risk up to five years ahead.
It will enable Hiscox to offer sustainable insurance solutions tailored to the evolving risk landscape.
The model generates absolute wildfire risk scores, providing transparency regarding the factors contributing to each score.
Hiscox London market’s property divisional director James Brady stated: “This partnership allows us to integrate the very latest AI-powered modelling from Bellwether, with other third-party models and our own advanced risk modelling framework.
“It’s a powerful combination that can support a much more sustainable insurance solution for Californian homeowners. With this world-class, multi-model approach, we can quantify an insured’s exposure to wildfire risk with more precision, which in turn enables us to offer Hiscox capacity to a wider range of customers.”
Sarah Russell from Bellwether added: “Bellwether leverages the best of Google’s geospatial knowledge and AI technology to help companies and communities adapt better to the changing landscape of severe weather events like wildfire. We are excited to be working with Hiscox to show how Bellwether can help provide additional measurement, analysis and predictions for this dynamic risk and, in turn, assist in the availability and sustainable provision of wildfire insurance for Californian homeowners.”
"Hiscox partners Bellwether for wildfire insurance modelling" was originally created and published by Life Insurance International, a GlobalData owned brand.
The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
