“We were told we don’t live in the flood plain, so why would we need insurance?My husband’s lived here for 60 years and never had any flooding.” The widening insurance coverage gap is becoming increasingly apparent, raising concerns about who will shoulder the financial burden of climate change and its broader economic impact. The Wall Street Journal referenced First Street research in a recent article that explores the question of who will shoulder the repair costs for damages outside flood zones. 🔗 https://lnkd.in/g9dmUMzJ We believe data can be instrumental in solving this problem. First Street's Climate Risk Financial Modeling provides the tools to proactively identify risks, avoid poor investments, and implement effective solutions. #climaterisk #climateriskfinancialmodeling #climatechange #insurance
First Street
Climate Data and Analytics
New York, New York 20,745 followers
The standard for physical climate risk data working to connect climate change to financial risk.
About us
First Street™ is the standard for physical climate risk data working to connect climate change to financial risk. First Street uses transparent, peer-reviewed methodologies to calculate the past, present, and future climate risk for properties globally and makes it available for consumers, industry and government.
- Website
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https://firststreet.org/
External link for First Street
- Industry
- Climate Data and Analytics
- Company size
- 51-200 employees
- Headquarters
- New York, New York
- Type
- Privately Held
- Founded
- 2016
- Specialties
- Flooding, Datascience, Environment, Analysis, wildfire, real estate, climate modeling, climate risk, climate analytics, and risk
Products
Enterprise Suite
SaaS Management Software
First Street Enterprise Suite allows every company and government agency, regardless of their size or complexity, to harness the full power of the First Street data offering. What was previously only available to customers with full teams of dedicated data analysts is now available via the enterprise platform. With a full suite of features, users can run “what-if” climate scenario analysis by modeling different portfolio divestment, investment, and insurance options and export the data instantly to leverage for business decisions and regulatory reporting needs.
Locations
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Primary
777 3rd Ave
Floor 33
New York, New York 10017, US
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Seattle, WA 98122, US
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210 Trilith Pkwy
Fayetteville, Georgia 30214, US
Employees at First Street
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Ray Yong
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Lucy Litvinova
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Lou Mintzer
Helping brands that use Shopify+Klaviyo 2X their email and SMS revenue with 1:1 personalized graphics. Founder/CEO. Follow me to make money with…
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Matthew Eby
Founder and CEO of First Street | On a Mission to Connect Climate Change to Financial Risk
Updates
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A compelling article from The Atlantic, citing our research, details how climate risk is often overlooked in the cost of home ownership, creating financial vulnerabilities for individuals, banks, and the entire US economy. The article highlights the vital need for property-specific climate risk data. Such information aids government agencies in crafting effective adaptation strategies, enables banks to assess risks within their mortgage portfolios and adopt prudent lending practices, and assists homebuyers in making informed decisions about their largest investment. https://lnkd.in/garnc-49
Are You Sure Your House Is Worth That Much?
theatlantic.com
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In an era of increasing climate-driven regulation, understanding the research behind it is crucial. Join us for a webinar featuring Evan Herrnstadt from the Congressional Budget Office, where he will share insights on the CBO's impactful research on flood risk, insurance coverage, and the impacts of climate change on vulnerable communities. Sign up: https://lnkd.in/geeiwCWu This session offers an opportunity to delve into the research that is shaping the current regulatory landscape. Don't miss out!
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Did you know that 78% of properties flooded by #HurricaneDebby are outside FEMA flood zones? Our team at First Street recreated Hurricane Debby using our hydrodynamic flood model and uncovered this shocking statistic in our latest report. What's particularly alarming is that most properties outside the FEMA flood zone lack flood insurance. This leaves countless families facing financial devastation without coverage to recover from the flooding. As we publish our findings, our goal is to empower individuals to protect their homes and assist financial institutions in managing their risks effectively. Learn more about this critical issue in our "Review of Hurricane Debby" report. 🔗 https://lnkd.in/dSukSeDK
Review of Hurricane Debby: First Street Recreation Finds Majority of Damaged Homes Outside of FEMA Flood Zones
firststreet.org
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At First Street, our mission has always been to empower Americans with critical data on climate risk when purchasing their homes. That is why we are so thankful to have partners like Redfin and Realtor.com, who share our vision of helping people find their safe and secure forever homes by including our data in their listings. This week, Redfin and Realtor both published compelling articles using our data on climate trends in the housing industry. ▶ "Thousands More People Are Moving In Than Out of Fire- and Flood-Prone America, Fueled by Migration to Texas and Florida" from Redfin 🔗 https://lnkd.in/g2jsYMj9 ▶ "Worried About Extreme Weather? Check Out 12 Hidden Housing Markets With Low Climate Risks" from Realtor 🔗 https://lnkd.in/gD53JVde
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With fire season upon us, it's essential to reevaluate your fire risk modeling. Nationwide, approximately one in seven homes faces a "major" fire risk over the next 30 years. This translates to a 6%-14% likelihood of experiencing direct wildfire damage at least once within that timeframe. For more insights on past, present, and future fire risks, check out CBS News' fire watch, which utilizes First Street data: https://lnkd.in/ggXaHHiq. Stay informed and take proactive measures to mitigate fire risks! #FireRisk #ClimateRisk
CBS News Wildfire Watch: See wildfire map, perimeters and containment in your area
cbsnews.com
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🚀 Big News! We have closed an oversubscribed Series A-1 only five months after our oversubscribed Series A, bringing the total amount raised to $46 million. Innovation Endeavors led this A-1 series, with other investors SE Ventures and Nuveen, a TIAA company joining Series A investors - Galvanize Climate Solutions, General Catalyst, and Congruent Ventures - to scale breakthrough advancements in physical climate risk modeling. This round of funding is set to advance two ambitious initiatives with the aim of democratizing access to our first-of-its-kind correlated risk model. The correlated risk model is able to instantly quantify the probability of material impact from multiple perils (floods, wildfires, hurricane winds) across a portfolio of properties. 🌎 Global Data Coverage: We're fast-tracking the expansion of our high-resolution data and trusted methodologies, previously available only in the U.S., to global markets, enabling everyone to understand climate risk like never before. 💻 Enterprise SaaS Solution: We're preparing to launch our enterprise SaaS solution, allowing companies and government agencies of all sizes to leverage the full power of our First Street data offering. Read full announcement: https://lnkd.in/g5Dz4ZcA #climaterisk #seriesA
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We're #hiring a new Geospatial Data Engineer - Climate Change in New York City Metropolitan Area. Apply today or share this post with your network.
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We're #hiring a new Senior Backend Software Engineer - Climate Change in Atlanta Metropolitan Area. Apply today or share this post with your network.
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We're #hiring a new Senior Backend Software Engineer - Climate Change in Seattle, Washington. Apply today or share this post with your network.