CoreLogic [1] has announced the launch of Climate Risk Analytics, a toolset 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. This solution is built on Google Cloud’s secure and sustainable infrastructure
“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,” said Patrick Dodd, President & CEO, CoreLogic [2]. “For more than 20 years, CoreLogic has amassed a comprehensive physical and financial property dataset and honed the most accurate peril modeling techniques available today. We combined our extensive technological capabilities and data science to create a solution that helps our clients rise to the challenge climate change poses to our nation’s financial infrastructure.”
Built on CoreLogic’s Discovery Platform [3], a spatial data and analytics platform, CoreLogic Climate Risk Analytics is powered by CoreLogic’s CLIP system, which leverages professional-grade, granular data to pinpoint a property’s exact location and its attributes.
CoreLogic’s Climate Risk Analytics 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. 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. CoreLogic enabled these property datasets 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 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. CoreLogic’s models include 300,000 years’ worth of scientific and climate 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.
“Helping organizations understand, address and mitigate the effects of climate change with cloud technologies has become increasingly important for companies across industries around the world,” said Chandu Thota, GM/VP Engineering, Google Cloud [4]. “By leveraging leading Google Cloud data analytics capabilities and technologies in its Climate Risk Analytics platform, CoreLogic is providing customers with the insights and technologies needed to execute on their sustainability and business goals.”