Today property data powerhouse, CoreLogic, announced it has joined forces with Munich Re, one of the world’s leading reinsurers, to offer the most comprehensive view of the impact of climate change to individual properties in Australia and New Zealand.
The two data driven companies have found natural synergies between Munich Re’s market-leading climate analytical capabilities and CoreLogic’s comprehensive property data coverage and connection to banking, valuation, insurance and real estate systems. Together, they will be able to provide an unprecedented view of the risks and impacts of climate related events to home owners, lenders, brokers, insurers and property professionals.
Lisa Claes, CEO CoreLogic International says, “Climate related risks present real challenges to many industries. By marrying together the science that powers Munich Re natural catastrophe modelling with robust CoreLogic property data and analytics, our clients will be better positioned to make informed decisions to manage risks presented by the myriad of weather-related natural disaster events. We are thrilled to be partnering with an organisation the calibre of Munich Re to provide climate risk analysis solutions that will help prepare Australia and NZ for future climate change impacts.”
Ralph Ronnenberg, Munich Re Australia’s CEO says, “Munich Re has extensive physical climate analysis capabilities. For the past four decades, we have developed deep expertise on the risks, loss prevention measures and new risk transfer solutions relating to weather-related natural catastrophes. With increasing regulatory oversight and growing global support of corporate responsibility in response to climate change, this partnership is an exciting development in Australia and New Zealand.”
The first area of focus will 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. This focus will be supported with a management reporting and geospatial capability that can empower board reporting and internal research to set appropriate corporate climate change response plans.
Milena Malev, CoreLogic GM of Financial Services and Insurance says, “In the financial sector, many companies are scrutinizing their exposure, looking to understand and quantify potential physical impacts of climate related issues and what their strategic response should be. I am excited that our customers will be able to leverage CoreLogic property data insights, enhanced by Munich Re expertise in catastrophe modelling, to better understand and manage climate related financial risks.”
Christof Reinert, Managing Director of Risk Management Partners (RMP), a subsidiary of Munich Re (Group) says, “By using our data and software solutions, clients can significantly enhance their own risk management capabilities while benefiting from Munich Re's long-standing expertise in climate risk analysis. Our partnership with CoreLogic demonstrates the added value that innovative risk management services can bring to the financial service industry and beyond in dealing with the effects of climate change.”
The organisations will be developing consumer research capabilities that will allow real estate professionals, mortgage brokers and front line lenders to help home owners understand the potential exposure of specific properties to natural disasters.
CoreLogic has a long history of providing catastrophe event insights in the US where they provide detailed intelligence on structural risks and natural hazards plus weather verification services to capture the severity and location of severe weather impact down to a specific property.
James Vaughan, CoreLogic Head of Customer Solutions says, “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. 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.”