Property information and analytics provider CoreLogic has partnered with Munich Re to model climate risk exposures for individual properties in Australia and New Zealand.
The partnership will combine Munich Re’s climate analytical capabilities with CoreLogic’s property data coverage and connection to banking, valuation, insurance and real estate systems.
Together, they will aim to provide a view of the risks and impacts of climate related events to home owners, lenders, brokers, insurers and property professionals.
“Climate related risks present real challenges to many industries,” said Lisa Claes, CEO CoreLogic International.
“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,” Claes explained.
“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, also commented: “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 its 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 help board reporting and internal research to set corporate climate change response plans.
“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,” said Milena Malev, CoreLogic GM of Financial Services and Insurance.
“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), further stated: “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.”
James Vaughan, CoreLogic Head of Customer Solutions, added: “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.”