CoreLogic® Launches Flash Flood Risk Score —Unique Data Analytics Tool Will Help Insurers Identify and Mitigate Flash Flood Risk
IRVINE, Calif., May 21, 2014 – CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled services provider, today announced the launch of the CoreLogic Flash Flood Risk Score, a new and unique data analytics tool designed to inform insurers of the overall projection of flash flood risk beyond established Federal Emergency Management Agency (FEMA) floodplains.
CoreLogic Flash Flood Risk Score uses a combination of hydrology, meteorological and environmental datasets to provide both a numeric risk score (1-100) and a categorical risk rating (ranging from Very Low to Extreme) that enables underwriters to set guidelines for flash flood risk and evaluate portfolio risk exposure. Proprietary data layers are used to identify risk associated with intense rainfall, soil types, ground elevation and flow accumulations.
Flash flooding is a short-term event occurring within six hours of a causative event such as heavy rain, dam break, levee failure or rapid snowmelt and often occurs within two hours of the start of high-intensity rainfall. Flash flooding accounts for 33 percent of inland flood property damages in the United States, totaling $7.9 billion between 2005-2012, according to the National Weather Service and the National Climatic Data Center.
"Identifying flash flood risk is a huge issue for our clients, and understanding this risk can be particularly daunting, especially because a significant amount of the country is not covered when it comes to flood risk assessment," said Dr. Howard Botts, vice president and director of database development for CoreLogic Spatial Solutions. "In fact, roughly 40 percent of the U.S. is not included in FEMA flood maps, and because a flash flood can happen so fast, there is often little time to prepare or mitigate against this type of event, resulting in extensive property damage. The Flash Flood Risk Score from CoreLogic will allow insurers to be able to identify and mitigate flash flood risk in areas that are not mapped for flood risk of any type."
The availability of a highly predictive flash flood analytic solution provides the property and casualty and commercial insurance industries with comprehensive, real-time, property-specific flash flood risk data and cuts down on the degree of interpretation required by underwriters and agents.
"Insurers may not even realize that they are covering losses that could be better understood with the right model," said Botts. "Now they have access to new insight to help them better understand flash flood risk for a single property or an entire portfolio."
CoreLogic Flash Flood Risk Score offers precise granularity, up to a 10-meter grid, a level of specificity which can be critical for land and building developers who need to minimize flash flood risk. It also enables insurance brokers to clearly understand flash flood risk so they are able to offer the most appropriate pricing policies.
The Flash Flood Risk Score is the latest addition to the company’s comprehensive suite of flood risk tools, which includes Digital FEMA flood maps, Coastal Storm Surge that projects salt water intrusion from Hurricanes, Flood Risk Score that projects risk from riverine and coastal flooding, and Combined Sewer Area, which maps areas with combined storm and sanitary sewers.
CoreLogic (NYSE: CLGX) is a leading global property information, analytics and data-enabled services provider. 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, 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 North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.
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