CoreLogic-EQECAT team on flood model
CoreLogic, the US data analytics company, will release a new flood model as a result of pooling its combined expertise with recently acquired EQECAT, Paul Little, president, EQECAT, told Monte Carlo Today.
“We now have extended expertise in terms of flood risk, so you can certainly expect to see something from us in terms of a probabilistic flood model in the next year or so,” said Little.
Nine months into the acquisition, Little said the companies are working together to create “joint projects” and incorporate “groundbreaking” research, which is currently not used by other modelling firms.
“We’re nine months into the acquisition, so we’ve gone through the onboarding process and alignment of resources; we’ve also scoped out a combined product road map,” said Little.
“There’s also been a broader initiative as we’ve created insurance and spatial solutions within the data and analytics division. CoreLogic has spent close to $800 million in the last two years assembling these entities, through various acquisitions.”
Combining both resources and expertise, Little described the synergy of the two companies as “exciting”.
“CoreLogic has the best exposure data base in the US, Australia and New Zealand, so we’re combing the data aspects of CoreLogic with the science and engineering that’s in our models to make them more robust and more granular,” he said.
“Our new Japanese earthquake model, which has a probabilistic tsunami model as a sub peril, is particularly significant for us as it incorporates findings that none of the other modelling firms have used."
RQE 15 incorporates findings from the Japanese Earthquake Research Authority, which looked at the hazard itself, the seismic sources and the vulnerability of the buildings during the event.
“We also released a European windstorm model, featuring a groundbreaking technique and a new view of frequency,” explained Little. “In the past this has been based on historical findings, however, in conjunction with the Free University of Berlin, we’re now using a 1200 year scenario and have come up with a new view of frequency.”
Little explains that as part of the frequency, the model also includes the North Sea wind farms.
“We now have the ability to extend the wind fields into the North Sea, which enables us to model the impact of events on electrical generated wind farms,” he said.
