Solution 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
IRVINE, Calif. — (BUSINESS WIRE) — December 12, 2022 — CoreLogic®, a leading global property data and analytics-driven solutions provider, has announced the launch of Climate Risk Analytics™, designed to help government agencies and enterprises measure, model and mitigate the physical risks of climate change to the real estate industry, initially through 2050. This solution is built on Google Cloud’s secure and sustainable infrastructure
“Mitigating the effects of climate change is a monumental task—one that demands a powerful and expansive data and modeling tool that surpasses industry standards,” said Patrick Dodd, President & CEO, CoreLogic. “For more than 20 years, CoreLogic has amassed a comprehensive physical and financial property dataset and honed the most accurate peril modeling 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 CoreLogic’s Discovery Platform, a spatial data and analytics platform, CoreLogic Climate Risk Analytics is powered by CoreLogic’s CLIP™ system, which leverages professional-grade, granular data to pinpoint a property’s exact location and its attributes. 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 is working with businesses and regulators to understand exposure, addressing questions about risk factors and how to measure impacts against a property portfolio. Clients can fortify against the economic impact of physical risks at the macro and micro scale through the following pillars of the CoreLogic Climate Risk Analytics turnkey solution:
- Property-Level Physical Insights: Detailed property information like first floor height, construction and remodeling history give a granular view of structure risk. CoreLogic enabled these property datasets by leveraging Google’s streaming and batch data pipeline capabilities including Google Cloud Dataflow and Dataproc. Advanced physical insights and granular views were realized using Google BigQuery.
- Property-Level Financials – Accurate replacement costs give a complete picture of the financial impact of a disaster. Valuation data tracks the impact of climate change on a property’s market value. All of this was made possible with the virtually unlimited scale of Google Cloud infrastructure and their offerings such as Google Maps Platform, GeoSpatial and other Google sustainability solutions.
- Specific Peril Impacts – Blended climate risk scores for each property paint a complete picture of potential outcomes of frequent and rare events. CoreLogic’s models include 300,000 years’ worth of scientific and climate simulations across the nine major perils for current and future climate conditions (Hurricane, Storm Surge, Flood, Severe Convective Storms, Winter Storms, Wildfire, Tsunami, Earthquakes and Fire Following) and their impacts on specific properties. Using BigQuery for modeling and tile set creation reduced CoreLogic’s property scoring time from days to hours to even minutes. User experience to understand impact on specific properties went from several seconds to near instantaneous at both the property and structural levels.
- Time Horizons – Understanding the risk and financial implication today and in every decade up to 2050.
- Overlays: CoreLogic data on average median household income, special flood hazard areas and mortgage delinquencies can help assess heightened risk areas for structural remediation.
“Helping organizations understand, address and mitigate the effects of climate change with cloud technologies has become increasingly important for companies across industries around the world,” said Chandu Thota, GM/VP Engineering, Google Cloud. “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.”
To learn more about CoreLogic’s Climate Risk Analytics platform and additional use cases it can help solve, please visit: https://www.corelogic.com/data-solutions/property-data-solutions/climate-risk-analytics/.
About CoreLogic
CoreLogic is a leading global property information, analytics and data-enabled solutions provider. The company's combined data from public, contributory and proprietary sources include 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, the CoreLogic logo and Climate Risk Analytics are trademarks of CoreLogic, Inc. and/or its subsidiaries.
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Robin Wachner
CoreLogic
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