— As the Glass Fire burns and threatens Napa
Valley, CoreLogic’s 2020 Wildfire Risk Report analyzes both
single-family and multifamily homes currently at risk of wildfire
damage in the most wildfire-prone states —
CoreLogic® (NYSE: CLGX), a leading global property information,
analytics and data-enabled solutions provider, today released its
2020 Wildfire Risk Report as smoky skies and poor air quality
continue to burden cities up and down the West Coast. The report
finds 1,975,116 homes1 in the United States with an associated
reconstruction cost of more than $638 billion at elevated risk of
wildfire damage. These homes are comprised of approximately 6.5% of
the total number of single-family residences in these states.
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Top 10 Metro Areas by Single-Family
Residences at Risk (Graphic: Business Wire)
The Los Angeles metro area tops the list of metropolitan areas
with the greatest single-family residences at wildfire risk,
followed shortly thereafter by the Riverside and San Diego metro
areas. California is home to 76% of these residences on the top 10
list—but the reconstruction cost value of these homes comprise
nearly 84% of the list.
“2017 and 2018 were incredibly destructive, record setting years
for wildfire, followed by a comparatively quieter 2019. When we
talk about wildfire trends, it’s important to treat any decrease in
fire activity as only temporary,” says Dr. Tom Jeffery, principal
hazard scientist at CoreLogic. “Like most natural hazards, there is
no reason to believe that the amount of wildfire acreage, or the
number of homes in the path of future wildfires will be any less –
and certainly the ongoing 2020 season is proof of that, well on its
way to being among the most devastating in recent memory.”
The devastation in Oregon, Washington and California has caused
the loss of both dozens of lives and thousands of structures, and
recovery from these wildfires is a process that can take years.
Both Santa Rosa, home to the Tubbs Fire in 2017, and Paradise,
where the Camp Fire took place in 2018, are still in the process of
rebuilding. This year, the COVID-19 pandemic has created additional
complications to an already deadly peril, and with the potential
for disruptions to the supply chain for raw materials,
manufacturing and transportation, this effort could be further
challenged.
Insurance activities may also be challenged with an influx of
claims and fewer adjusters to review damages, making automation and
virtualization more critical than ever to supporting policyholders.
CoreLogic helps carriers pinpoint fire hazard risk to establish
better policy premiums without extensive on-site visits. Virtual
surveys and DIY surveys are also less expensive than in-person
solutions, providing a cost effective and efficient solution for
underwriters and claims adjusters.
“The business landscape is changing to right-size today’s
challenges. Wildfire risk presents a case study for this,” says
Mick Noland, Executive, General Manager, Insurance Solutions at
CoreLogic. “A single event can completely destroy a home. It is
critical for insurers to have a complete view of each unique
property to ensure adequate coverage and support in the wake of a
catastrophe. Next-generation integrated insurance solutions, based
on a foundation of granular data and insights, are the key to
protecting families and businesses – and ultimately, the health of
the housing ecosystem – from the threat of financial
catastrophe.”
The CoreLogic Wildfire Risk Report analyzes both single-family
and multifamily homes currently at risk of wildfire damage in the
most wildfire-prone states, including Alaska, Arizona, California,
Colorado, Florida, Idaho, Montana, Nevada, New Mexico, Oklahoma,
Oregon, Texas, Utah, Washington and Wyoming. The full report,
including maps, charts and images, can be found here.
To follow CoreLogic coverage of ongoing catastrophic events,
including wildfires, visit the company’s natural hazard risk
information center, Hazard HQ™ at www.hazardhq.com.
Methodology
The CoreLogic Wildfire Risk Score is a deterministic wildfire
model which is as comprehensive as it is granular. It covers 15
states: Alaska, Arizona, California, Colorado, Florida, Idaho,
Montana, Nevada, New Mexico, Oklahoma, Oregon, Texas, Utah,
Washington and Wyoming. It evaluates the risk of a property to
wildfire by returning an easy-to-understand, normalized 5 to 100
score, giving insight into the potential risk of a wildfire. It
considers slope, aspect, vegetation/fuel, and surface composition
as well as proximity to higher risk areas that could affect the
property via windblown embers. These factors are all weighted
differently and combine to form the score.
Source: CoreLogic
The data provided are for use only by the primary recipient or
the primary recipient's publication or broadcast. This data may not
be resold, republished or licensed to any other source, including
publications and sources owned by the primary recipient’s parent
company without prior written permission from CoreLogic. Any
CoreLogic data used for publication or broadcast, in whole or in
part, must be sourced as coming from CoreLogic, a data and
analytics company. For use with broadcast or web content, the
citation must directly accompany first reference of the data. If
the data is illustrated with maps, charts, graphs or other visual
elements, the CoreLogic logo must be included on screen or website.
For questions, analysis or interpretation of the data, contact
newsmedia@corelogic.com or Caitlin New at corelogic@ink-co.com.
Data provided may not be modified without the prior written
permission of CoreLogic. Do not use the data in any unlawful
manner. This data is compiled from public records, contributory
databases and proprietary analytics, and its accuracy is dependent
upon these sources.
About CoreLogic
CoreLogic (NYSE: CLGX), the leading provider of property
insights and solutions, promotes a healthy housing market and
thriving communities. Through its enhanced property data solutions,
services and technologies, CoreLogic enables real estate
professionals, financial institutions, insurance carriers,
government agencies and other housing market participants to help
millions of people find, buy and protect their homes. For more
information, please visit www.corelogic.com.
CORELOGIC, the CoreLogic logo and Hazard HQ are trademarks of
CoreLogic, Inc. and/or its subsidiaries. All other trademarks are
the property of their respective owners
1 The risk data in this report is current to April 2020.
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Media Contacts: Valerie Sheets Corporate Communications
949-838-5428 newsmedia@corelogic.com Caitlin New INK Communications
512-906-9103 corelogic@ink-co.com
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