Combining intelligence in natural hazards, structural engineering and reconstruction cost, CoreLogic ties together all the fields needed to understand the risks of a changing climate.
Howard Botts, CoreLogic
The weather is becoming a growing challenge, not only for the insurance industry but also for much of the national economy. Hurricanes, wildfires, floods and other forms of extreme weather are becoming ever more aggressive and unpredictable.
As the world continues to add more carbon dioxide and other greenhouse gases into the atmosphere, weather patterns are changing. For every 1°C that the air temperature rises, the air can hold 7% more water. More water in the air means more heat capture and a more dynamic atmosphere. An increase in carbon dioxide and atmospheric temperature is related to an increase in hazard risk.
These changes in the atmosphere are particularly problematic because lots of housing is built in hazardous areas near the ocean, rivers and other scenic locations. There will also be an impact on the global economy, as manufacturing and supply chains are spread out across the world throughout many areas with natural hazards, particularly flooding.
CoreLogic® is uniquely positioned to provide data and analytics on hazard risk, particularly in the US. CoreLogic has information on every structure in the nation, with all the building and related characteristics that allow for an understanding of risk at an individual property level. It combines this property information with its high-definition hazard models that can run against all residential and commercial properties and estimate average annual losses at a particular building.
Moreover, these models can be used to understand how these risks are changing with the climate. The models are developed by a team of scientists with expertise in a wide variety of hazard-related fields – such as earthquakes, wildfires and hurricanes – as well as experts in structural engineering and construction. With an understanding of natural hazards, engineering and reconstruction costs, CoreLogic ties together all the fields needed to understand the risks of a changing climate.
In the latest version of the Climate Change Catastrophe Report, CoreLogic looks at what happened in 2020. It also examines six years of record-breaking losses related to various natural hazard perils and discusses how these trends correlate with the US housing market.
To see the CoreLogic Climate Change Catastrophe Report, visit corelogic.com/catastrophereport