Directions Magazine
Hello. Login | Register

Press Releases

Home | Submit Press Release

CoreLogic Launches Flash Flood Risk Score

Bookmark and Share
Wednesday, May 21st 2014
CoreLogic | Irvine, CA


Unique Data Analytics Tool Will Help Insurers Identify and Mitigate Flash Flood Risk

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.

About CoreLogic
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.

CORELOGIC and the CoreLogic logo are registered trademarks owned by CoreLogic, Inc. and/or its subsidiaries.

Bookmark and Share

Stay Connected

Twitter RSS Facebook LinkedIn Delicious Apple Devices Android Blackberry






Recent Comments

The Big Four make Big Waves in Location Intelligence

Microsoft, IBM, Apple and SAP have been making huge investments in geospatial technology and in cases working together. Are there implications for a new era in enterprise spatial analytics? Is this the dawn of true big data geospatial analytics?

How can I use crowdsourced data?
Esri UC 2014 Plenary: The More Things Change, The More They Stay the Same
OmniEarth to Focus on Automated Intelligence from Earth Imagery
Learn ArcGIS: Esri Embraces New Vision for Teaching and Learning GIS
Ubisense’s myWorld 2.0 Addresses Enterprise Operational Awareness
Ruling on sharper satellite images poses a privacy problem we can no longer ignore
10 Common Python Errors of Beginning ArcGIS Programmers
GIS Tackles Big Issues: Environment, Health, Climate and Infrastructure

DirectionsMag.com

About Us | Advertise | Contact Us | Web Terms & Conditions | Privacy Policy
© 2014 Directions Media. All Rights Reserved