First American Spatial Solutions Launches New Fire Protection Classification Solution
—Solution Utilizes the American Association of Insurance Services Criteria and Methodologies to Help Insurers Better Gauge Commercial and Residential Fire Risk—
May 19, 2009, AUSTIN, Texas
First American Spatial Solutions, a member of The First American Corporation (NYSE: FAF) family of companies and a leader in spatial and natural hazard risk solutions, announced today the launch of its Fire Protection Classification (FPC) solution. The FPC solution utilizes First American Spatial Solutions’ parcel-based geocoding along with nationwide fire district databases and combines them with criteria and methodologies set forth by the American Association of Insurance Services (AAIS) to provide insurers with a more accurate solution to better gauge commercial and residential property fire risk.
“First American’s Fire Protection Classification solution sets a new standard in the way fire protection is measured,” said Howard Botts, vice president of database development at First American Spatial Solutions. “Many of the existing solutions on the market today lack the spatial accuracy or use outdated fire station information. Our solution provides insurers with access to superior fire-risk measurements, as well as increased insight into residential and commercial fire exposure.”
The FPC solution is used by insurers to assist in the calculation of fire risks based on fire-suppression capabilities. The solution, which is updated regularly for increased accuracy, is comprised of parcel-based geocoding, nationwide fire district coverage, volunteer versus full-time firefighter status, true driving distances and the AAIS methodology to derive a FPC score. Insurance companies will benefit from the precise location of assets provided by the First American FPC solution to establish fire premiums.
“Combining First American Spatial Solutions’ data with AAIS criteria and methodologies improves the insurance industry’s ability to assess and quantify fire risk for residential and commercial assets,” said AAIS President Paul Baiocchi. “The Fire Protection Classification solution provides insurers with the ability to use exceedingly accurate risk scores derived from First American Spatial Solutions’ data and analytics and AAIS criteria and methodology.”
About First American
The First American Corporation (NYSE: FAF) is a FORTUNE 500® company that traces its history to 1889. With revenues of approximately $6.2 billion in 2008, it is America's largest provider of business information. First American combines advanced analytics with its vast data resources to supply businesses and consumers with valuable information products to support the major economic events of people's lives, such as getting a job, renting an apartment, buying a car or house, securing a mortgage and opening or buying a business. The First American Family of Companies, many of which command leading market share positions in their respective industries, operate within five primary business segments, including: Title Insurance and Services, Specialty Insurance, Information and Outsourcing Solutions, Data and Analytic Solutions, and Risk Mitigation and Business Solutions. More information about the company and an archive of its press releases can be found at www.firstam.com.