Amica & ZestyAI Partner on Climate Risk

Problem

• “In the Golden State alone, eight of the state’s 10-most destructive fires have occurred within the past five years, according to the California Department of Forestry and Fire Protection, or CalFire. These fires have caused over $25 billion in insured wildfire-related losses

• “William Pitts, a senior assistant vice president at Rhode Island-based Amica Mutual Insurance Company, says that after the company took on heavy losses in the wake of the Tubbs Fire, it began to re-evaluate its wildfire risk models.” (Forbes)

Solution

• “As they analyzed their losses, they discovered that CoreLogic had flagged some properties as being low risk to wildfire that actually were not. Amica switched to ZestyAI and its Z-FIRE™ system.”

• “If Z-Fire was used to completely re-underwrite Amica’s entire California portfolio, in 2020 Amica would have prevented 95% of its wildfire losses in the state,” said William Pitts, Senior Assistant Vice President, at Amica.

Read more in Forbes.