Property data firm partners with climate risk specialist

25 September 2020
| By Oksana Patron |
image
image
expand image

Property data company, CoreLogic, has formed a partnership with climate risk modelling specialist and reinsurer Munich Re to help measure the impact of climate change on individual properties in Australia and New Zealand. 

The partnership would aim to help develop consumer research capabilities for real estate professionals such as mortgage brokers, front line lenders, insurers or even home owners to better understand the potential exposure of specific properties to natural disasters thanks to Munich Re’s climate analytical capabilities and Corelogic’s comprehensive property data coverage and connection to banking, valuation , insurance and real estate systems. 

The first area of focus would be to support the financial services sector in understanding their exposure to climate-related risks, conducting home loan portfolio stress testing scenarios and supporting the origination strategies for new home loan applications, the firm said. 

This would be further supported with a management reporting and geospatial capability that could empower board reporting and internal research to set appropriate corporate climate change response plans.  

“We have been looking for ways to help our customers respond to physical, regulatory and credit risks in relation to property, natural hazard and climate change for quite some time,” James Vaughan, CoreLogic head of customer solutions, said. 

“We are very excited about the huge amount of value we can deliver as a result of this partnership and are thrilled to be working with global expert Munich Re. The potential of our combined expertise is very promising.”  

CoreLogic said it had a long history of providing catastrophe event insights in the US where they provided detailed intelligence on structural risks and natural hazards plus weather verification services to capture the severity and location of weather impact down to a specific property. 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 1 week ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 1 week ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 1 week ago

A Sydney-based financial adviser has been banned from providing financial services in the interest of consumer protection after failing to act on conduct concerns. ...

3 weeks 3 days ago

ASIC has cancelled the AFSL of a $250 million Sydney fund manager, one of two AFSL cancellations announced by the corporate regulator....

3 weeks 1 day ago

Having divested its advice business in August, AMP is undergoing restructuring in at least four other departments amid a cost simplification program....

2 weeks 5 days ago