CoreLogic targets real estate industry with new Climate Risk Analytics
CoreLogic, a global property data and analytics-driven solutions provider, has announced the launch of a new solution to model and mitigate the physical risks of climate change to the real estate industry, initially through 2050.
Patrick Dodd, President & CEO, CoreLogic, said: “Mitigating the effects of climate change is a monumental task—one that demands a powerful and expansive data and modelling tool that surpasses industry standards.
“For more than 20 years, CoreLogic has amassed a comprehensive physical and financial property dataset and honed the most accurate peril modelling techniques available today. We combined our extensive technological capabilities and data science to create a solution that helps our clients rise to the challenge climate change poses to our nation’s financial infrastructure.”
Built on Google Cloud’s secure and sustainable infrastructure, the Climate Risk Analytics solution was designed to help government agencies and enterprises.
It offers a comprehensive view of physical risk, leveraging Google Cloud, that combines hyperlocal property data with financial information to estimate and mitigate the impact and cost of future catastrophes.
Chandu Thota, GM/VP Engineering, Google Cloud: “Helping organisations understand, address and mitigate the effects of climate change with cloud technologies has become increasingly important for companies across industries around the world.
“By leveraging leading Google Cloud data analytics capabilities and technologies in its Climate Risk Analytics platform, CoreLogic is providing customers with the insights and technologies needed to execute on their sustainability and business goals.”
CoreLogic Climate Risk Analytics is built on the firm’s Discovery Platform, a spatial data and analytics platform, and it is powered by CoreLogic’s CLIP system, which leverages professional-grade, granular data to pinpoint a property’s exact location and its attributes.
According to the announcement, the solution provides a comprehensive, blended risk score for every U.S. property with a granular breakdown of specific peril risks and each risk’s financial impact. In climate risk analysis, accuracy and scale matter.
CoreLogic said that it is working with businesses and regulators to understand exposure, addressing questions about risk factors and how to measure impacts against a property portfolio.
The Climate Risk Analytics solution has four pillars which clients can use to fortify against the economic impact of physical risks at the macro and micro scale. These are: Property-Level Physical Insights; Property-Level Financials; Specific Peril Impacts; Time Horizons; and Overlays.
Source: Reinsurance News, https://www.reinsurancene.ws/corelogic-targets-real-estate-industry-with-new-climate-risk-analytics/