Source: MIL-OSI Submissions
Through the addition of Ambiental’s proven global flood and risk modelling expertise CoreLogic will strengthen its position as a leading provider of property insights and analytics, enabling its customers to better understand and predict flood risk
CoreLogic, the region’s largest provider of property information, analytics, property-related risk management and geospatial location intelligence, is set to become New Zealand’s sole distributor of Ambiental’s suite of flood data products in the region.
Almost 700,000 people and 400,000 buildings across New Zealand are currently at risk of flooding as a result of extreme weather events, with potential losses in property assets equalling over $135 billion. This is in addition to the exposure of almost 20,000kms of roads, 1,574kms of railways and 20 airports. Given these figures it’s not surprising that the Ministry of Civil Defence and Emergency Management considers floods to be New Zealand’s number one hazard1.
The real estate, insurance, finance and government sectors are constantly looking for better insights to both predict flood risk and prevent damage and economic losses to people and assets as a result.
A report commissioned by the Treasury in 20182 found climate change related floods have cost the NZ economy at least $120 million for privately insured damages over the last 10 years. With extreme precipitation events likely to become more intense and more frequent in many regions and climate change likely to amplify risks3, better insights are incredibly important and valuable.
Ben Speedy, Head of Country, CoreLogic New Zealand on the latest flood risk solution offered by CoreLogic:
“Despite the devastation caused by earthquakes, flooding is the greatest hazard in terms of frequency, losses, and civil defence emergencies in NZ. With major flood events occurring almost every year, CoreLogic NZ’s customers have been asking for an advanced, high precision, nationwide flood model to allow better planning, risk pricing and response. CoreLogic NZ is delighted to bring Ambiental’s New Zealand FloodMap™ and New ZealandFloodScore™ to our clients. We are excited to be helping our customers take a big step forward in understanding NZ’s unique flood risk.”
New advanced Flood modelling techniques now use building footprints to identify the probability of flood actually impacting not just a parcel of land but the building itself.
2 https://treasury.govt.nz/sites/default/files/2018-08/LSF-estimating-financial-cost-of-climate-change-in-nz.pdf Estimating financial costs of climate change in New Zealand: New Zealand Climate Change Research Institute, and NIWA² IPCC, 2014: Climate Change 2014: Synthesis Report.