CoreLogic announced the launch of Climate Risk Analytics which is built on Google Cloud’s Secure and sustainable infrastructure.
It is 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.
CoreLogic Climate Risk Analytics which is built on CoreLogic’s Discovery Platform, a spatial data and analytics platform 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. 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. This is done 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. This includes 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.
- Time Horizons – Understanding the risk and financial implication today and in every decade up to 2050.
- Overlays: Data on average median household income, special flood hazard areas and mortgage delinquencies can help assess heightened risk areas for structural remediation.
Patrick Dodd, President & CEO of CoreLogic said “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”.
