Predictive Risk Assessment for Property Insurance
Problem Overview
Property Characteristics
- Data Points Eg: Address, Age, Type, Number of stories
- Data Source: Property Assessment Companies, Local Real Estate databases
Climate and Weather Data
- Data Points Eg: Avg. Rainfall, Hail Frequency, Windstorm Frequency
- Data Source: National Oceanic and Atmospheric Administration (NOAA)
Historical Disaster Data
- Data Points Eg: Num. properties damaged, Severity of disaster, Type, Payout amounts.
- Data Source: Federal Emergency Management Agency (FEMA)
Location/Geographic Data
- Data Points Eg: Elevation, Proximity to water bodies & Fault lines, Coastal Location.
- Data Source: Geographic Information Systems (GIS), United States Geological Survey (USGS)
Demographic Data
- Data Points Eg: Population Density, Population Growth, Housing Ownership.
- Data Source: U.S. Census Bureau, American Community Survey
Environmental Factors
- Data Points Eg: Pollution Levels, Air Quality, Proximity to Industrial Areas, Contamination Risk.
- Data Source: Environmental Protection Agency (EPA)
Historical Loss Data
- Data Points Eg: Address, Age, Type, Number of stories
- Data Source: Insurance companies claims databases
Policyholder Data
- Data Points Eg: Credit Score, Insurance Claim History.
- Data Source: Insurance companies database, credit bureaus
Crime Rates
- Data Points Eg: Property Crime Rate, Crime hotspots.
- Data Source: Federal Bureau of Investigation (FBI)
