Property data powerhouse CoreLogic 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.
Lisa Claes, CEO CoreLogic International, said 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.
Ms Claes said that 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.
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,” Ms Claes said.
“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 his company 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.