GISCafe Voice Archive for the ‘CoreLogic’ CategoryCoreLogic and One Concern Collaborate to Add Weather Prediction and Climate Assessment to CoreLogic’s Solution SuiteWednesday, August 18th, 2021Irvine, California global property data and analytics-driven solutions provider, CoreLogic,recently announced a nationwide, three-year collaboration with One Concern, a Menlo Park-based, resilience-as-a-service solutions provider. This collaboration adds weather hazards prediction and the ability to assess climate threats to the CoreLogic suite of solutions.
CoreLogic’s New 2021 Hurricane Report Shows Climate Change ImpactFriday, June 4th, 2021Recent years have seen increase in hurricanes and subsequent flood damage to property throughout the U.S. due to climate change. CoreLogic® a leading global property information, analytics and data-enabled solutions provider, this week released its 2021 Hurricane Report, providing analysis of single- and multifamily residences along the Gulf and Atlantic coasts and revealing nearly 8 million homes with more than $1.9 trillion in combined reconstruction cost value (RCV) are at risk of storm surge. This year’s report also examines hurricane wind and reveals more than 31 million homes with nearly $8.5 trillion in combined RCV have moderate or extreme risk exposure to hurricane winds.
2020 – The Year of Natural HazardsThursday, April 1st, 2021Irvine, California company CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, released at the end of January its annual Catastrophe Report highlighting the value of modern insurance and mortgage solutions in addressing the increase in climate change-induced hazard events and impact on the real estate economy.  Figure 1. Redefining Risk: CoreLogic Combined Peril Score (Graphic: Business Wire) 2019 Wildfire Risk Report from CoreLogic Analyzes Western U.S. Damage and RiskWednesday, October 16th, 2019In September, CoreLogic released their 2019 Wildfire Risk Report that analyzes the top regions, states and metro areas at risk for wildfire damage, including number of at-risk homes and their estimated reconstruction costs. The report also includes a breakdown of 2017 and 2018’s major wildfires, which were quite extensive through the western United States. The report focuses on homes in the western states including Arizona, California, Colorado, Idaho, Montana, New Mexico, Nevada, Oklahoma, Oregon, Texas, Utah, Washington and Wyoming.
Some important facts from the report include (from company materials):
CoreLogic Reports Estimates Commercial Flood and Wind Loss for Hurricane BarryFriday, August 16th, 2019David Smith, Senior Director Model Development at CoreLogic, spoke with GISCafe Voice about CoreLogic’s recent announcement of residential and commercial flood and wind loss estimates for Hurricane Barry before the event occurred. According to this data analysis from the company, flood loss for residential and commercial properties in Louisiana is estimated to be between $200 million and $400 million which includes both storm surge and inland flooding. Insured flood loss from private insurers is estimated at less than $100 million. Wind losses are estimated to be an additional $300 million to $500 million. In total, insured flood and wind losses, excluding National Flood Insurance Program (NFIP) losses, are between $300 million and $600 million. CoreLogic® is a leading global property information, analytics and data-enabled solutions provider. This information is directly drawn from company materials:
CoreLogic Releases 2019 Insurance Coverage Adequacy Report, in Response to Increased Natural Hazards in U.S.Thursday, April 18th, 2019The U.S. has seen an increase in the number of natural disasters between the years 2016 and 2018. The resulting “underinsurance issues” have kept analytics and data-enabled solutions providers very busy with analyzing the new wave of areas that would be better served by increased natural hazard coverage.
GISCafe 2018 Year in ReviewThursday, December 20th, 2018Many years ago Marshall McLuhan wrote that “the medium is the message.” Never has that been more true than today as we look at how we receive our information – via our phones, computers, TVs, blogs, podcasts, Twitter and other social media. The Immediacy of the message is now available through those avenues, and serves us well in the form new geospatial technology development – autonomous vehicle technology, data acquisition and analytics, social media mapping and imagery – all of which can be utilized to save time, money and more importantly, save lives.
CoreLogic’s New Analysis on Flood and Wind Losses from Hurricane FlorenceThursday, October 4th, 2018David Smith, Senior Director of Model Development at CoreLogic, spoke with GISCafe Voice about the recent analysis of loss from flooding from Hurricane Florence released by CoreLogic.
CoreLogic analysis shows Hurricane Florence is estimated to have caused between $20 billion and $30 billion in flood and wind losses. According to this new data analysis, flood loss for residential and commercial properties in North Carolina, South Carolina and Virginia is estimated to be between $19 billion and $28.5 billion which includes both storm surge and inland flooding. Specifically, uninsured flood loss for the same area is estimated to be between $13 billion and $18.5 billion. Wind losses are estimated to be an additional $1 billion to $1.5 billion.
It’s important to recognize that the SFHAs are designed to identify areas that are subject to flooding with an annual probability of 1 percent or greater – sometimes described as a 100-year return period. Areas outside the SFHAs often flood in major events, in which we often see rainfall return periods well beyond 100 years. New Resource Center Hazard HQ from CoreLogic Offers Public Access to Analysis and Data InsightsWednesday, August 15th, 2018CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, recently announced the launch of its new publicly-accessible risk information resource center, Hazard HQ(tm). This new information hub will offer individuals, media and companies high-level analyses and up-to-date data insights on the immediate risks natural catastrophes pose to properties across the country.
The latest risk summary for Hazard HQ focuses on the ongoing California wildfires. As comprehensive risk assessment needs increase alongside growing economic losses from natural catastrophes, Hazard HQ offers a high-level risk perspective for individuals and companies who wish to understand how hazards like earthquakes, floods, hurricanes, severe convective storms, wildfires, wind and volcanic activity can impact their regions. Senior leader of content and strategy for CoreLogic, Maiclaire Bolton Smith, spoke with GISCafe Voice about the new resource center and how it is dedicated to offering catastrophe insights about events while they are happening. Does Hazard HQ take in citizen information? No, it focuses on information from CoreLogic. Corelogic can provide insight and information, whether wildfire, hurricane, earthquake or flooding, and offers insights on number of properties that could be at risk, or on an area that could be impacted and the home value that could be lost. No information is pulled from citizens. It’s our opportunity to share information with others to help them protect themselves and be able to restore from financial catastrophe. It really evolved as a way for us to share information easily. We’ve had all these devastating wildfires this summer already. We always try to learn from the events that have happened. We’ll always be providing more information on research. For example, with regard to the wildfire that happened in Sonoma County, California last year that impacted Santa Rosa, over the past six months we’ve done a lot of research looking at the reconstruction from that wildfire and the state of the homes being rebuilt and looking at some of the insurance impacts and implications from that event happening. An event doesn’t end when an event ends, it’s a long process afterwards to really recover from it, so we will continue to share more information on an ongoing basis as we continue to research events. How do you expect risk analysis you’ve done last year is going to impact or help in the assessment of the damage of the Mendocino fire, as an example, right now? The biggest factor is that it brings awareness to the impact that these devastating events do have. We hear about the hundreds of thousands of acres burned, but a lot of times the fires are burning in remote areas and there are not a lot of properties at risk. It’s devastating to see the area burned, but what we want to focus on is bringing awareness to insurers and other people about where there are homes and properties at risk, and focus on the human aspects of it. What people can take away from our previous research, is
Say a customer is obtaining insurance for things they expect but what about these events that happen way beyond anyone’s expectations? Unfortunately, those rare events are the wild card that are really beyond planning scenarios. I’m actually a seismologist by training and I spend a lot of time training people to know their earthquake risk. I always say the number one thing people can do to prepare for an earthquake, is believe that it can happen, and that’s the same with all disasters. The possibility is there that it may occur. These are hard for people to conceptualize and plan for. At CoreLogic we do risk modeling where we look at the range of events that can happen – the more common events to the very extreme events. That’s the information we provide to insurance companies, including what could the worst-case scenario even look like. I have spoken to CoreLogic many times. In the past the company has said with the fires we’re expecting an increase in losses to homes because people have built closer to forests, and forests are not cleared as often, we run the higher risk. 2018 CoreLogic Storm Surge Report Predicts Risk for Coastal AreasThursday, May 31st, 2018The 2018 CoreLogic Storm Surge Report was released Thursday by CoreLogic, a global property information, analytics and data-enabled solutions provider.
“While industry predictions for this year’s storm season indicate average activity levels, associated storm surge risk remains an important consideration for residential and commercial properties in the 19 states analyzed,” said Dr. Tom Jeffery, senior hazard scientist at CoreLogic. “Depending on the location of a storm’s landfall and that area’s population density and reconstruction costs, lower Category storms can cause just as much damage as storms in higher categories.” As the U.S. enters hurricane season, the report shows that more than 6.9 million homes along the Atlantic and Gulf Coasts are at potential risk of damage from hurricane storm surge surge with a total reconstruction cost value (RCV) of more than $1.6 trillion (Table 1). Already according to predictions of the National Oceanic and Atmospheric Administration (NOAA), the 2018 hurricane season is expected to have near- to above-normal activity. NOAA predicts a 70 percent chance of 10 to 16 named storms. While not all of them will develop into hurricanes, NOAA predicts five to nine of these will develop into hurricanes, and one to four are predicted to reach Category 3 classification or higher. According to the report, risk from hurricane-driven storm surge for homes along the Atlantic and Gulf coastlines across 19 states, as well as for 86 metro areas is analyzed in the risk CoreLogic analysis. Homes are categorized by five risk levels: Low (homes affected only by a Category 5 storm), Moderate (homes affected by Category 4 and 5 storms), High (homes affected by Category 3, 4 and 5 storms), Very High (homes affected by Category 2, 3, 4 and 5 storms) and Extreme (homes affected by Category 1-5 storms). RCV figures represent the cost to completely rebuild a property in case of damage – including labor and materials by geographic location – assuming the worst-case scenario at 100-percent destruction. Regionally, the Atlantic Coast has more than 3.9 million homes at risk of storm surge with an RCV of more than $1 trillion (Table 2), an increase of around $30 billion compared to 2017. The Gulf Coast has more than 3 million homes at risk with over $609 billion in potential exposure to total destruction damage, with over $16 billion increase compared to 2017. Areas with less coastal exposure but with lower elevations that extend inland tend to have more total homes at risk because the surge water can travel farther inland. Additionally, due to market conditions and previous storm surge damage, construction costs can increase despite having a lower number of at-risk homes compared to other states or Core-Based Statistical Areas (CBSAs). |
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