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.
