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RP Data & CoreLogic Delivers Property Hazard Risk Reports

Geospatial data and analytics are used by government, corporations and individuals to manage and mitigate risk arising from natural disasters such as bushfires, floods and cyclones, and assists in facilitating more efficient land use and environmental protection.

In collaboration with its US parent company CoreLogic., (NYSE: CLGX), RP Data announced that CoreLogic Asia will produce property-level hazard risk reports for Australia by October, and immediately commence distribution of CoreLogic natural hazard risk solutions into Asia.

Tony Reisz, managing director – CoreLogic Global Insurance and Spatial Solutions commented on the importance of understanding natural hazard risks and the impacts on property and people.

“By modelling the probability and severity of risks that a property is subject to, you can calculate the probable loss associated with damage or destruction of the property. These solutions empower the insurance industry, governments and consumers to implement risk mitigation strategies with appropriate levels of insurance cover, creating a more efficient market for everyone. Physical environments, property and people are a complex combination. At CoreLogic our aim is to make property risk management easy,” Mr Reisz said.

RP Data CEO Graham Mirabito said, “The Australian property market is subject to many natural hazards requiring risk management solutions with more transparency. The launch of our hazard risk reports provide risk assessments down to individual property levels for bushfire, flood and storm risks, and can be accessed via automated reports available for purchase on rpdata.com as well as delivered via web services to our corporate customers.”

“With the intensity and variety of extreme weather affecting Australia, particularly floods, storms and fires, these reports will not only assist consumers looking to purchase their first home, but also asset managers across banking, insurance and risk businesses who are looking to proactively manage risk.

“RP Data will leverage CoreLogic’s global capability combined with local proprietary datasets and industry partners, to deliver world class integrated risk management solutions,” Mr Mirabito said.

Australian property level risk reports will be available by October and immediately in Asia Pacific through CoreLogic EQECAT Catastrophe Risk Models for Typhoon, Cyclone, Windstorm and Earthquake, as well as CatWatch™ Catastrophe Reports.

A range of benefits are offered to RP Data & CoreLogic customers across Australia and the Asia-pacific zone. These include:
Ensure home purchasers are more informed about the location of property to mitigate
potential natural hazards;

  • Pro-active management of major events, scenario planning;
  • For Local governments to use to improve development/zoning, master plan decisions;
  • Assist in setting of risk based insurance policies/premiums;
  • Climate change impacts/assessment;
  • Key driver for insurance underwriting, re-insurance, claims;
  • Predicting & monitoring risk;
  • Potential in mobile space to empower consumers with tools to lodge claims/improve efficacies of assessors.

CoreLogic New Zealand has delivered world class geospatial solutions into government, real estate and utilities for more than a decade through its acquisition of Terralink.

CoreLogic Global Insurance and Spatial Solutions managing director Tony Reisz said, “This has enabled insurance companies in New Zealand to better understand risk profiles – it also leads to better decision making around natural hazards, especially when it comes to mitigating risk by understanding the basics such as the location of important fire-fighting devices such as fire hydrants,” he said.

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