Flood Solutions. Summer 2018

Transcription

1 Flood Solutions Summer 2018

2 Flood Solutions g Summer 2018 Table of Contents Flood for Lending Life of Loan Flood Determination... 2 Multiple Structure Indicator... 2 Future Flood... 2 Natural Hazard Risk... 2 Flood for Insurance U.S. Flood Risk Scores... 4 Flood Risk Score Flash Flood Risk Score Storm Surge Risk Score U.S. Flood Risk Models... 4 Riverine Flood Flash Flood Storm Surge Flood Determinations... 4 Flood Related Risks Distance to Coast... 5 Sewer Backup Risk Score... 5 Non-Weather-Related WaterRisk... 5 Hail Risk... 5 Wind Risk... 5 Lightning Verification... 5 ii

3 Flood Solutions Summer 2018 g Better Manage Your Flood Risk with CoreLogic Flood Solutions Flood affects more than just what days you get to work from home and whether you should purchase rain boots. Everything from the risk your home faces from flood to the FEMA flood zone you live in (and the way that zone evolves), and as the flood policy you have is affected by flooding. Between where we live and how we build to what decisions we make, it s essential to have the granular data necessary to make the right choices. CoreLogic has long been a leader in assessing flood risk, covering everything from flood determinations to underwriting risk to catastrophic flood risk assessments for the insurance industry as well as capital markets and beyond. Our granular data and powerful technology create a strong and reliable foundation for everything to rest on from the precision of our PxPoint geocoding data to the science and complexity of our risk assessments and models. Our parcel and building footprint datasets are the backbone upon which our solutions rely, and our comprehensive reconstruction cost value data add depth and specificity. The quality of our flood data helps provide you with the confidence you need for your portfolio, your underwriting, and your customers. These weave together the support necessary to be an industry leader in a slippery topic. This portfolio serves as an overview of the CoreLogic Flood Solutions. So get your feet wet. This is just the surface. 1

4 Flood Solutions g Summer 2018 Flood for Lending As one of the largest providers of Flood Zone Determinations to the lending industry, we pride ourselves on providing accurate, reliable, timely, innovative, and relevant flood products to banks, mortgage companies, servicers, credit unions, and other financial institutions. Plus, with an ever-changing regulatory environment and increased complexity in mortgage processing, it s more important than ever to expect accuracy and dependability from your vendors. CoreLogic flood solutions can help you achieve that goal. Life of Loan Flood Determination Our flood experts provide lauded Life of Loan Flood Determinations, helping to streamline the transfer of service and to avoid conversion costs. This solution provides the flood zone information necessary to determine whether flood insurance is available or required. As required by federal regulations, every Flood Determination is based on the currently effective FEMA Flood Insurance Rate Map (FIRM). Now, with Next-Day Notification, you will receive these critical updates by day one after the map revision, providing time for your processes and removing uncertainty in your work stream. Multiple Structure Indicator The CoreLogic Multiple Structure Indicator provides additional information you need to make insurance decisions on your collateral. This solution provides information to help you move through the origination process more efficiently, including decisioning on detached structures, while letting your team focus on loan processing and servicing. Improve the borrower experience while increasing loan production and reducing risk. Future Flood Leverage the availability and timing of flood information to increase transparency and improve the experience between you and your borrowers. FEMA releases pending flood map data after it has passed through various appeals and regulatory processes. Once released, the information will become official on the effective date. With Future Flood, lenders and servicers can now leverage this information to help facilitate a positive borrower experience with the potential that your borrower may make more informed decisions on flood insurance, which may ultimately save your borrower money over the life of the loan. Natural Hazard Risk Lenders and servicers face incredible pressures following flooding disasters. Now, with CoreLogic s suite of natural hazard risk products for the lending market, you will be prepared for and better able to respond to these disasters. Our risk assessments, storm predictions, valuations, and damage estimates deliver the information and support you need to focus on the geographic areas and ultimately the borrowers that you need to ensure your regulatory requirements are met and your borrowers are supported. 2

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6 Flood Solutions Summer 2018 Flood for Insurance Flood risk is the most pervasive and expansive of all natural perils, yet it s also the most mismanaged and underinsured. CoreLogic offers a comprehensive view of risk by evaluating possible and probable events, and verifying current and post-event impacts. These solutions include scoring, data visualization, and other tools that collectively address the management of fl ood risk throughout the entire insurance process, from underwriting, pricing and portfolio management to risk transfer and re-insurance. U.S. Flood Risk Scores CoreLogic technology evaluates flood impact by combining an integrated analysis of the flood area, flood elevation and watershed characteristics. Flood Risk Scores represent relative risk with intuitive numeric values, on a 100 point scale and risk ratings from very low to extreme. Flood Risk Score Flood Risk Score adds new dimensions by capturing water surface elevation data and distance to the 100-year fl ood plain, levee and dam data, and extensive algorithms to calculate risk exposure. Flash Flood Risk Score Flash Flood Risk Score provides fl ooding detail in areas where fl ooding resources are traditionally neglected, fi lling in fl ood risk assessment gaps where the previous focus was only on riverine and coastal fl ooding. We incorporate added variables such as fl ow accumulation grids, land use, vegetation, elevation and slope data. Storm Surge Risk Score Storm Surge Risk Score helps you more accurately assess a property s relative risk due to hurricane storm surge impact. Our heritage in fl ood and our leading science provide a full understanding of the associated risk where just one cubic yard of seawater weighs nearly one ton. We incorporate the tide and water depth, barometric pressure, and wind speed. U.S. Flood Risk Models The CoreLogic U.S. Flood Modeling Solution assesses the potential damage and financial impact from riverine, flash flood, and coastal storm surge events in the continental U.S. It delivers a comprehensive view of the risk, using widespread coverage of hydrologic and hydraulic data that reflects regional flooding and drainage patterns. These comprehensive, high-resolution probabilistic models combine our experience in identifying and evaluating flood risk with detailed hazard data and powerful modeling tools to enable you to effectively underwrite and price flood policies and analyze flood risk at both location and portfolio level. Riverine Flood Using up-to-date and innovative data layers for river fl ows, fl ood basins, private and public fl ood defenses and elevations, the CoreLogic inland fl ood model adds confi dence in the catastrophic risk assessment of property. Flash Flood Heavy downpours of rain can happen anywhere and the resulting surface water fl ows present a substantial component of fl ood risk for many locations. The CoreLogic fl ash fl ood risk model simulates the complexities of a modern storm that can produce both riverine and fl ash fl ooding. Storm Surge Our fully aligned Storm Surge model is a granular, up-to-date, detailed approach to appropriately and rationally estimate risk due to storm surge and coastal fl ooding. The model covers 20 states along the Gulf and Atlantic coasts from Texas to Maine. Flood Determinations Whether for policies written through the National Flood Insurance Program, or through a private program, the flood zone based on FEMA s flood map can provide a necessary rating component. We can report to you not only the flood zone based on today s effective flood map but also provide historic flood map information necessary today for various rating guidelines. All of this can be provided accurately and in many cases instantaneously. 4

7 Flood Solutions g Summer 2018 Flood Related Risks Distance to Coast The location of a property in relation to the coastline of an ocean or large body of water can significantly shift the risk level of that property. With Distance to Coast, you can accurately identify the distance to the nearest coastline, the name of the body of water, and whether it is seaward or non-seaward. Sewer Backup Risk Score Backed up sewers and flooded basements can wreak havoc on a home, causing thousands of dollars in damage to floors, walls, furniture and electrical systems. According to the Insurance Information Institute, over 500,000 claims occur in the U.S. annually, with average claims rising 3 percent every year. Better assess your sewer backup risk by leveraging CoreLogic datasets such as sewer pipe age, ground depression areas, flood risk score, flash flood risk score, soil infiltration, and more. Non-Weather-Related WaterRisk According to an analysis of insurance carrier loss data, non-weather-related water damage accounts for approximately 20 percent of all homeowner insurance losses nationwide. The WaterRisk methodology includes the gathering and assembly of large volumes of practical, measurable data drawn from nearly one million water damage survey responses over 10 years, hundreds of thousands of appliance failure reports, and more. Hail Risk Property losses due to hail from as reported by the National Centers for Environmental Information exceeded $19 billion. Using historical storm data over a 30-year period and running a 10,000-year simulation for regions across the U.S., CoreLogic Hail Risk can help you more accurately assess risk from hail stones 1 or greater. Wind Risk In 2017 alone, wind activity was significantly above the CoreLogic calculated average ( ). Using our wind risk data, you can better understand, manage and measure the wind risk resulting from many natural hazards such as tornadoes, straight line winds, thunderstorms, hurricanes and special wind areas. Grapple with your portfolio s risk to wind damage and Get The Whole Story. Lightning Verification The National Lightning Safety Institute reports that property damage from lightning claims cost insurers billions of dollars each year. We enable you to save critical time and money by confidently verifying the presence or absence of lightning on the reported date of loss. Recognized as the industry standard for accuracy, CoreLogic Lightning Verification uses 25+ years of lightning data acquired from the U.S. National Lightning Detection Network. Save critical time and money by confidently verifying the cause and date of damage and losses in near real time. 5

8 Flood Solutions Summer 2018 g For more information please call or visit corelogic.com CoreLogic, Inc. All rights reserved. CORELOGIC, the CoreLogic logo and GET THE WHOLE STORY are trademarks of CoreLogic, Inc. and/or its subsidiaries. All other trademarks are the property of their respective holders. 19-FLDSOL corelogic.com