Verisk Bushfire Model for Australia

Scope

Major update introduces a new, robust methodology of modeling wildfire and incorporates recent data and science to provide clients with vastly improved information for analysis.

General model updates

Catalogs and event sets

Stochastic catalog(s)
- Updated 10,000-year catalogs and, for Touchstone only, the 100,000-year catalogs.
- All event IDs are new.
Historical event set
- Six new events
  - 2016 Yarloop
  - 2017 Sir Ivan and Carwoola
  - 2018 Tathra
  - 2019 Bunyip
  - 2019-2020 Bushfires
  - 2021 Wooroloo/Perth Hills Bushfire
Industry Loss File (ILF) bushfire updates.

Touchstone-specific updates

Event description
- New tag for moisture index
- New tag for El Niño/La Niña year
New support for specialized risk types
- Marine
Support for additional construction and occupancy codes
- Construction: Updated to 128 classes total (including 20 marine asset classes)
- Occupancy: Updated to 110 classes total (including 12 marine storage classes)
Support for six new secondary risk characteristics
- Deck
- Defensible space
- Gutter
- Roof vents
- Rent vent size
- Wall siding fire rating
New support for:
- Additional intensities
- Updated age height bands and damage functions
- Updated geographic resolution
- Updated stochastic and historical catalogs
- New risk characteristics: deck, gutter, roof vents, rent vent size, wall siding fire rating, defensible space
Event set changes reflected in Analysis Settings
Ground-up losses updated for the Demand Surge option
Disaggregation updated to reflect the updated industry eposure database. Note: Disaggregation updates also affect Australia earthquake, tropical cyclone and severe thunderstorm.

Touchstone Re-specific updates

Updated Industry Exposure Database
- Vintage updated to 2024