FLAMES: AAIS Data-Driven Fire Risk Model Sparks Approval.
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* Fire Loss and Mitigation Evaluation Score (FLAMES) helps insurers predict expected fire severity more accurately AAIS (American Association of Insurance Services) has received approval from the Florida Office of Insurance Regulation for its new predictive model. The AAIS Fire Loss and Mitigation Evaluation Score (FLAMES) is a significant improvement on existing methods of quantifying expected severity of fire losses.
Current methods of measuring fire risk reflect fire protection capabilities within the geographic boundaries of individual fire departments, but ignore variation in capabilities and claims severity across communities. Using fire department boundaries also makes it difficult for insurers to integrate risk scores into underwriting systems and processes.
"Our Member carriers have expressed frustration with existing methods of assessing fire risk, which haven't kept pace with changes in public fire protection capabilities and modern mitigation approaches," said AAIS CEO Ed Kelly. "Our Data Engineering and Actuarial Team took a rigorous, analytical approach to solving this decades-old problem, and now insurance carriers and regulators can have a more accurate picture of fire risk."
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