CoreLogic Expands Capability to Deliver Real-Time U.S. Natural Hazard Risk Assessments
March 06, 2013, Irvine, Calif. –
—Company Integrates Flood Risk Score with RiskMeter Online™ Platform—
CoreLogic® (NYSE: CLGX), a leading residential property information, analytics and services provider, today announced that its newly acquired RiskMeter Online™ platform has been expanded to include the company’s proprietary Flood Risk Score. Flood Risk Score is a data analytics tool that evaluates flood risk beyond established Federal Emergency Management Agency (FEMA) flood plains.
The CoreLogic Spatial Solutions business added RiskMeter Online, a web-based underwriting application based on geospatial technology, to its hazard risk management solution suite through the recent acquisition of CDS Business Mapping, LLC (CDS).
The availability of a highly predictive flood analytic solution within an easy to use web-based platform provides the P&C insurance industry with comprehensive, real-time, property-specific flood risk data and reduces the degree of interpretation required by underwriters and agents.
“We are bringing a highly complementary product into the RiskMeter Online platform to set a new standard for assessing natural hazard-related risk,” said Jay Kingsley, senior vice president for CoreLogic Spatial Solutions. “Flood risk in the United States has been and continues to be a significant insured-loss threat because floods can strike at any time, almost anywhere in the country. With the power of CoreLogic Flood Risk Score now available through RiskMeter Online, critical information is easily consumed to help insurers make smarter real-time flood risk management decisions.”
“CoreLogic Flood Risk Score was used to identify high-risk areas along the East Coast prior to Hurricane Sandy destruction. Following the storm, CoreLogic data was found to have precisely, identified 97 percent of the properties that were inundated by storm surge as high risk,” said Dr. Howard Botts, vice president and director of database solutions for CoreLogic Spatial Solutions. “Combining our Flood Risk Score with a real-time distribution platform like RiskMeter Online provides broader availability to the insurance industry with an accurate assessment of flood risk at the property-level beyond a simple “in” or “out” in order to plan for and evaluate current flood policies and procedures.”
Flood Risk Score evaluates flood risk using a numeric score (10-100) and divides those scores into risk ratings ranging from “very low” to “extreme.” The technology assesses flood risks associated with rivers, coastal areas and other water bodies throughout the U.S. and differentiates flood risk below the 100-year flood level for frequent floods and repetitive losses. It also provides comprehensive risk classifications for more severe floods up to the 5,000-year return level.
The RiskMeter Online platform determines proximity to natural hazards for any property in the U.S. The platform integrates GIS technology to create natural-hazard risk reports, including a flood-elevation report that combines elevation and flood-zone data to provide analysis of risk outside of designated high-risk FEMA flood zones. Characteristics include property distance to the edge of a flood zone, location and base-flood elevation, and estimated water depth in a flood zone.
The integration of Flood Risk Score into the RiskMeter Online platform is the first of numerous enhancements anticipated for the technology in 2013.
CoreLogic (NYSE: CLGX) is a leading property information, analytics and services provider in the United States and Australia. The Company’s combined data from public, contributory, and proprietary sources includes over 3.3 billion records spanning more than 40 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, transportation and government. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in seven countries. For more information, please visit www.corelogic.com.
CORELOGIC, the CoreLogic logo and RISKMETER ONLINE are trademarks of CoreLogic, Inc. and/or its subsidiaries.