CoreLogic (NYSE: CLGX), a leading provider of information, analytics and business services, today released data showing potential exposure to residential property damage from Hurricane Irene storm surge flooding for New York City and Long Island. Assuming Irene reaches Category 1 status, potential damage could total more than $35 billion. Assuming a Category 2 status, storm surge damage could potentially total more than $59 billion, and if Irene reaches Category 3 status, damage could exceed $88 billion. The CoreLogic analysis measures damage from storm surge and does not include potential damage from wind and rain associated with hurricanes. See charts below.
Hurricane-driven storm-surge flooding can cause significant property damage when high winds and low pressure causes water to amass inside the storm releasing a powerful rush over land when the hurricane moves on shore.
Total Properties Affected
Total Residential Structure Value
In a report issued Thursday, CoreLogic provided an estimate of the total number of both residential and commercial properties at risk in 12 major metro areas within the projected cone of concern for Irene. The data and accompanying maps are available at http://www.corelogic.com/about-us/news/hurricane-irene-media-advisory.aspx.
Methodology CoreLogic generates storm surge data using the company’s comprehensive parcel database of property-level data. After identifying a region’s vulnerability to storm surge given on-shore and off-shore geographic attributes and population density, CoreLogic identifies all residential properties within a predicted storm surge area and analyzes it against the associated property value of each home.
About CoreLogic CoreLogic (NYSE: CLGX) is a leading provider of consumer, financial and property information, analytics and services to business and government. The company combines public, contributory and proprietary data to develop predictive decision analytics and provide business services that bring dynamic insight and transparency to the markets it serves. CoreLogic has built the largest and most comprehensive U.S. real estate, mortgage application, fraud, and loan performance databases and is a recognized leading provider of mortgage and automotive credit reporting, property tax, valuation, flood determination, and geospatial analytics and services. More than one million users rely on CoreLogic to assess risk, support underwriting, investment and marketing decisions, prevent fraud, and improve business performance in their daily operations. The company, headquartered in Santa Ana, Calif., has more than 6,500 employees globally with 2010 revenues of $1.6 billion. For more information visit www.corelogic.com.
CoreLogic is a registered trademark of CoreLogic.
Allyse SanchezINK Communications925-548-2535 firstname.lastname@example.org