MEDIA ADVISORY: Updated Hurricane Matthew Projections

Media Contacts

Alexandra Hayes
ahayes@cvic.com
(484) 888-4412

Lori Guyton
lguyton@cvic.com
(901) 277-6066

October 06, 2016, Irvine, Calif. –

Updated based on Hurricane Matthew projections as of 2:00 p.m. ET indicating a Category 3 or 4 storm.

CoreLogic Analysis Shows Almost 2 Million Homes in Florida, South Carolina, North Carolina and Georgia at Risk of Storm Surge Damage from Hurricane Matthew

CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, today released data showing potential exposure to residential property damage from hurricane-driven storm surge flooding as Hurricane Matthew makes its way toward the U.S. Atlantic Coast.

Figure 1 shows the total number of properties at risk of storm surge damage for each of the five hurricane categories as well as the accompanying reconstruction cost value for these properties. Data is provided for individual categories at both the incremental and cumulative levels.

Figure 1: Total Number and Total Value of Residential Properties by State

State

At-Risk Homes

Cat 1

Cat 2

Cat 3

Cat 4

Cat 5

Florida

Homes at Risk by Cat Level

124,764

234,211

303,501

291,918

307,913

 

Total Homes at Risk

124,764

358,975

662,476

954,394

1,262,307

 

RCV by Cat Level

$24,313,848,380

$50,011,668,338

$60,459,164,084

$54,148,345,612

$57,428,006,641

 

Total RCV

$24,313,848,380

$74,325,516,718

$134,784,680,802

$188,933,026,414

$246,361,033,055

South Carolina

Homes at Risk by Cat Level

35,514

88,485

81,039

82,177

51,425

 

Total Homes at Risk

35,514

123,999

205,038

287,215

338,640

 

RCV by Cat Level

$10,119,452,942

$22,371,712,736

$17,892,600,081

$17,224,909,503

$10,050,257,900

 

Total RCV

$10,119,452,942

$32,491,165,678

$50,383,765,759

$67,608,675,262

$77,658,933,162

North Carolina

Homes at Risk by Cat Level

30,785

58,829

62,456

46,086

46,556

 

Total Homes at Risk

30,785

89,614

152,070

198,156

244,712

 

RCV by Cat Level

$5,866,070,772

$11,772,926,993

$12,629,945,559

$9,452,537,798

$9,272,277,927

 

Total RCV

$5,866,070,772

$17,638,997,765

$30,268,943,324

$39,721,481,122

$48,993,759,049

Georgia

Homes at Risk by Cat Level

9,290

41,003

53,398

34,272

10,755

 

Total Homes at Risk

9,290

50,293

103,691

137,963

148,718

 

RCV by Cat Level

$2,823,103,183

$10,173,092,963

$10,750,858,962

$6,419,508,663

$1,885,691,326

 

Total RCV

$2,823,103,183

$12,996,196,146

$23,747,055,108

$30,166,563,771

$32,052,255,097

Spotlight on Florida Metropolitan Areas

Metro Area

At-Risk Homes

Cat 1

Cat 2

Cat 3

Cat 4

Cat 5

Daytona Beach

Homes at Risk by Cat Level

2,356

19,640

36,052

38,650

16,489

 

Total Homes at Risk

2,356

21,996

58,048

96,698

113,187

 

RCV by Cat Level

$582,387,240

$4,305,154,040

$7,046,566,209

$7,508,912,517

$3,787,267,882

 

Total RCV

$582,387,240

$4,887,541,280

$11,934,107,489

$19,443,020,006

$23,230,287,888

Melbourne

Homes at Risk by Cat Level

10,623

23,337

20,673

14,212

12,880

 

Total Homes at Risk

10,623

33,960

54,633

68,845

81,725

 

RCV by Cat Level

$2,341,371,868

$4,820,889,555

$3,850,353,685

$2,718,275,086

$2,226,499,129

 

Total RCV

$2,341,371,868

$7,162,261,423

$11,012,615,108

$13,730,890,194

$15,957,389,323

Miami

Homes at Risk by Cat Level

75,903

130,463

176,225

193,465

204,426

 

Total Homes at Risk

75,903

206,366

382,591

576,056

780,482

 

RCV by Cat Level

$12,712,225,634

$26,061,611,835

$35,007,645,170

$34,199,818,548

$35,968,082,235

 

Total RCV

$12,712,225,634

$38,773,837,469

$73,781,482,639

$107,981,301,187

$143,949,383,422

Jacksonville

Homes at Risk by Cat Level

8,700

26,729

50,992

31,976

48,312

 

Total Homes at Risk

8,700

35,429

86,421

118,397

166,709

 

RCV by Cat Level

$2,053,444,850

$7,262,311,370

$10,024,144,325

$6,471,760,420

$9,995,370,690

 

Total RCV

$2,053,444,850

$9,315,756,220

$19,339,900,545

$25,811,660,965

$35,807,031,655

Hurricane-driven storm surge flooding can cause significant property damage when high winds and low pressure cause water to amass inside the storm, releasing a powerful rush over land when the hurricane moves onshore. This CoreLogic analysis measures exposure to damage from storm surge and does not include potential damage from wind and rain associated with hurricanes.

For more information on CoreLogic storm-surge methodology, data and analysis, download a copy of the more in-depth 2016 CoreLogic Storm Surge report at http://www.corelogic.com/landing-pages/2016-corelogic-storm-surge-risk-report.aspx.

Methodology

The CoreLogic storm surge analysis encompasses single-family residential structures and also includes mobile homes, duplexes, manufactured homes and cabins, among other non-traditional home types. The 2016 CoreLogic Storm Surge Report provides a more granular and accurate analysis than in previous reports, now incorporating 10-meter grid cell elevation data rather than the 30-meter elevation data used previously. This enhanced granular view of data effectively increases resolution and accuracy of land elevation analysis by almost tenfold, giving insurers an even better way to analyze risk. Year-over-year changes in the number of homes at risk and RCV can be the result of several variables, including new home construction, improved public records, enhanced modeling techniques, fluctuation in labor, equipment and material costs, and even potential rise in sea level. As a result, direct year-over-year comparisons should be avoided. To estimate the value of property exposure of the single-family residences, CoreLogic utilized its proprietary reconstruction cost valuation methodology which estimates the cost to rebuild the home in the event of a total loss and is not to be confused with property market values or new construction cost estimation. Reconstruction cost estimates more accurately reflect the actual cost of damage or destruction of residential buildings since they include the cost of materials, equipment and labor needed to rebuild, and also factor in geographical pricing differences. Actual land values are not included in the estimates. The values are based on 100-percent or total destruction of the residential structure. Depending on the amount of surge water from a given storm, there may be less than 100-percent damage to the residence, which would result in a lower realized RCV.

About CoreLogic

CoreLogic (NYSE: CLGX) is a leading global property information, analytics and data-enabled solutions provider. The company's combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 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, and the public sector. 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 North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.

CORELOGIC and the CoreLogic logo are trademarks of CoreLogic, Inc. and/or its subsidiaries.