First Street

First Street's climate risk financial modeling (CRFM) has become central to the national conversation around real estate. This hurricane season underscores the urgent need to reevaluate the impact of climate change on homeownership, considering rising risks, escalating insurance costs, and falling property values. In the past few weeks, First Street has supplied data to several leading national publications to highlight this crucial issue. The New York Times: The People Fleeing Climate Disasters Are Going to Transform the American South National Geographic: Many Americans are buying homes in flood zones—and don't realize it NPR: They came to Asheville looking for a 'climate haven.' Then came Hurricane Helene CNBC: How a homeowners insurance provision can help with living expenses after a natural disaster The Washington Post: Where climate change poses the most and least risk to American homeowners The Wall Street Journal: Storms Be Damned, Florida Keeps Building in High-Risk Areas TIME: Hurricanes Are Not Conspiracies The Atlantic: Florida’s Risky Bet The New York Times: Hurricane Milton Is Terrifying, and It Is Just the Start Fortune: Hurricane anxiety hits the Florida housing landscape The Washington Post: FEMA maps missed parts of North Carolina devastated by Hurricane Helene, Post analysis shows CNN: Rising costs of climate change may reshape the South USA TODAY: The U.S. already has millions of climate refugees. Helene and Milton could make it worse. See all press coverage on our site: https://lnkd.in/etyqT-NC #CRFM #climaterisk #climatechange

First Street's climate risk financial modeling (CRFM) has become central to the national conversation around real estate. This hurricane season underscores the urgent need to reevaluate the impact of climate change on homeownership, considering rising risks, escalating insurance costs, and falling property values. In the past few weeks, First Street has supplied data to several leading national publications to highlight this crucial issue. The New York Times: The People Fleeing Climate Disasters Are Going to Transform the American South National Geographic: Many Americans are buying homes in flood zones—and don't realize it NPR: They came to Asheville looking for a 'climate haven.' Then came Hurricane Helene CNBC: How a homeowners insurance provision can help with living expenses after a natural disaster The Washington Post: Where climate change poses the most and least risk to American homeowners The Wall Street Journal: Storms Be Damned, Florida Keeps Building in High-Risk Areas TIME: Hurricanes Are Not Conspiracies The Atlantic: Florida’s Risky Bet The New York Times: Hurricane Milton Is Terrifying, and It Is Just the Start Fortune: Hurricane anxiety hits the Florida housing landscape The Washington Post: FEMA maps missed parts of North Carolina devastated by Hurricane Helene, Post analysis shows CNN: Rising costs of climate change may reshape the South USA TODAY: The U.S. already has millions of climate refugees. Helene and Milton could make it worse. See all press coverage on our site: https://lnkd.in/etyqT-NC #CRFM #climaterisk #climatechange

Florida has built 77,000 new properties in high-risk flood areas since 2019, leading the nation according to an analysis we did for The Wall Street Journal. As climate challenges intensify, it's vital to assess the implications of development in vulnerable areas and strategize for sustainable growth. This highlights the importance of climate risk financial modeling (CRFM), the category ensuring that industries, governments, and consumers have access to the vital climate data they need. 🔗 Read more in the article: https://lnkd.in/eAF4R5V5 #CRFM #climaterisk #climatechange

Our Founder and CEO, Matthew Eby, shares an interesting post that explains the challenges and limitations of using past weather events to model hurricanes. Want to know more about First Street’s methodology? Download our Worsening Winds report: https://lnkd.in/gsbz4ZxA

Our latest National Risk Assessment: Portfolio Pressures found 57 banks could cross the 1% material risk threshold in at least the 1% annual likelihood scenario. This signifies a material risk that could impact financial performance, operations, reputation, and legal standing. These banks hold over $627.4 billion in outstanding real estate loans, representing 10.9% of all CRE and RRE loans nationwide. While the risk is significant, it is not unavoidable. With First Street's climate risk financial modeling (CRFM), banks can identify their risk, employ strategies to mitigate it, and even uncover business opportunities. Link to full report: https://lnkd.in/gTBFQWss #ClimateRisk #CRFM #RiskManagement 

As we see increasing historical climate events, Climate Abandonment Areas are set to become more prevalent, posing significant human and economic challenges. Thank you to Abrahm Lustgarten for highlighting our research on this issue in today's The New York Times op-ed. A key insight from our report reveals that over 3.2 million Americans have already vacated high flood-risk areas, creating Climate Abandonment Areas. An additional 7.5 million are projected to follow suit over the next 30 years. Download the full report to learn more: https://lnkd.in/gjD6nUCk #climaterisk #climatechange #CRFM #climateabandonment

Climate Week 2024 - what a week it has been! ▶ We launched our 11th National Risk Assessment: Portfolio Pressures, which finds 57 banks with a total of $627 billion in real estate loans (10.9% of all loans in the country), could face “material financial risk.” Join our webinar (10/2) to explore the findings: https://lnkd.in/gSkW6WYM ▶ We hosted the Climate Risk Readiness Roundtable with our partner, Persefoni, to discuss how financial institutions and corporations can move from risk to value creation. And this was just the start of this important conversation. In February First Street is hosting Forecast, the inaugural, invitation-only event that will bring together the top 300 leaders of the climate risk financial modeling (CRFM) community to network, learn, and drive the category forward. Register your interest in the event here: https://lnkd.in/gkbh2tQG ▶ And last but not least, Zillow announced that it is introducing climate risk data, powered by First Street, on all for-sale properties across the U.S., which is featured as a top story on LinkedIn News today! https://lnkd.in/dzKP8YPk #ClimateWeek #ClimateRisk #CRFM #Zillow #Forecast

Welcome Philip Cunningham, our new Director of Wildfire Modeling! Phil brings an impressive 25 years of experience in atmospheric science, wildfire modeling, and computational fluid dynamics. With his extensive background in computational simulations of wildfire behavior, atmospheric phenomena, and complex fluid flow systems, we are thrilled to have Phil on board to strengthen our wildfire modeling capabilities. His experience includes wildfire modeling at Verisk, academic positions at Florida State University and Coventry University in the UK, and a role as a government research scientist at Los Alamos National Laboratory. We are confident that Phil will enhance our science team and contribute to the development of cutting-edge climate risk financial modeling (CRFM). #newhire #CRFM #climaterisk #wildfiremodeling #climatechange

This partnership will transform how homebuyers assess real estate! It's also a big milestone in our mission to connect climate change to financial risk. From homebuyers and government agencies to financial institutions, our goal is to make this essential climate risk information accessible to all.

We are excited to share news that will transform how homebuyers assess real estate: Zillow has now integrated the First Street property specific climate risk data, on all for-sale listings across the U.S. Home shoppers can now access vital insights into five key climate risks—flood, wildfire, wind, heat, and air quality—directly on listing pages. Each listing is equipped with our risk scores, interactive maps, and insurance requirements, helping buyers make informed decisions about home purchases. This partnership marks a significant milestone in our mission to connect climate change to financial risk. From homebuyers and government agencies to financial institutions, our goal is to make this essential climate risk information accessible to all. Learn more: https://lnkd.in/gNgaA-x6 #CRFM #climateweek