IRVINE, Calif., June 3, 2014—CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled services provider, today announced the expansion of its natural hazard risk management capabilities through the addition of Weather Fusion® hail, wind and lightning weather forensics to provide near real-time property-specific weather event verification. The combination of proprietary CoreLogic data and analytics with Weather Fusion weather peril verification will enable the insurance and other industries to more reliably identify loss shortly after a weather event occurs through single-source access to multiple weather data sets and solutions.
CoreLogic offers more than 30 weather peril verification and natural hazard risk reports nationwide, helping risk managers across all industries proactively manage risk and loss associated with extreme weather, natural hazard and catastrophe events. According to the Insurance Information Institute, insured losses due to hail and thunderstorms alone totaled $25 billion in 2011 and $14 billion in 2012. The new CoreLogic hail, wind and lightning reports will enable insurers, underwriters, property managers and owners to confidently verify the cause and date of damage and losses near real time, saving critical time and money. A product performance assessment completed by the top five Insurance Carrier’s Claims Department concluded that the Weather Fusion hail algorithm is four times more effective at identifying address-level hail fall than current hail detection algorithm-based hail data.
CoreLogic analysis indicates that hail and wind claims are among the most significant categories of property damage expense. Insurance Information Institute data shows from 2007 to 2011, the average claim totaled $7,177, with $30 out of every $100 collected in a homeowner’s insurance premium typically going toward wind and hail claim payments. Credibly verifying damages caused by wind, hail and lightning at the property level has traditionally been a challenge for insurers. The addition of Weather Fusion science and weather forensic reports helps CoreLogic solve this challenge by delivering:
“Traditionally, wind event verification has been considered an unsolvable problem and was based on public safety algorithms or relied on hand-drawn maps and single-point data observations collected from the nearest airport locations,” said Jay Kingsley, senior vice president for CoreLogic Insurance and Spatial Solutions. “Now, the unique weather science and data techniques behind our wind, hail and lightning solutions will provide insurance carriers with a more scientific approach to understanding individual property damage from storms,” continued Kingsley. “Though billions of dollars are paid out every year for exterior damage to homes, up until now there has been no real way to credibly verify these losses. CoreLogic now provides a more powerful, data-driven approach to this problem through weather peril verification reports.”
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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 in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.