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
First Street
Climate Data and Analytics
New York, New York 20,545 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
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
Updates
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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
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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.
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Earlier this week, The New York Times ran a piece featuring First Street Data, highlighting the distortion of insurance rates and its consequences. 🔗 full article here: https://lnkd.in/gbDqDPgR On July 25th, we are hosting a webinar on the interconnection between climate change, insurance, and property value. Our guest panel of experts from academia, policy, and the insurance industry will discuss this timely issue. 🗓 Link to register: https://lnkd.in/gBG8b5vE Key insights: ▶ An analysis of the definitive relationship between climate risk and increasing insurance rates. ▶ The interwoven impact of climate change and policy on the current landscape of the insurance industry. ▶ The implications of insurance trends' impact on communities, governments, and business.
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The impact of ballooning insurance rates in certain areas is creating an increasingly risky market. The New York Times published an article using First Street data to examine the distortion of American insurance premiums. 📣 "The market is incentivizing all sorts of crazy behavior,” said Ishita Sen, a professor of finance at Harvard Business School. Link to full article: https://lnkd.in/gbDqDPgR First Street has been investigating the connection between insurance rates and climate change for some time, and so we have integrated insurance scenarios into our property-specific climate risk data. The research behind the article, incorporating climate risk data from First Street and other sources, was conducted by Ben Keys and Philip Mulder. 📄 Full study is available at NBER: https://lnkd.in/empMgk5a #climaterisk #insurance #NYT #NewYorkTimes #climatechange
Home Insurance Rates in America Are Wildly Distorted. Here’s Why.
nytimes.com
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📢 Big News: We are integrating our physical climate risk tool, Risk Factor, into the First Street brand. This consolidation aims to streamline our offerings under a single, mission-driven platform, connecting financial risk and climate change. "Our goal is to provide our customers with the physical climate data and insights necessary to drive their business, shape regulations, or purchase their forever home," said Matthew Eby, Founder and CEO of First Street. "By unifying our offerings under the First Street brand, we deliver industry-leading data through a single, user-friendly platform." Learn more: https://lnkd.in/gj4DcJUK
The Leader in Physical Climate Risk Data
firststreet.org
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Don't wait for financial losses to incorporate climate risk into your risk mitigation strategy. Turn climate risk data into a strategic advantage. The Office of Financial Research used First Street data to examine how banks are revising their risk mitigation strategies in response to climate change. The findings reveal that banks generally implement climate risk mitigation strategies only after incurring losses, and rarely do so in highly competitive regions, even when confronted with substantial risks. Link to report: https://lnkd.in/ghJTRNdA First Street physical climate risk data can assist banks in proactively addressing climate risk by providing property-specific exposure and damage impact reports to their whole portfolio. #ClimateRisk #ClimateChange #RiskMitigation #Banking #DataAnalysis #Banking