CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, announced the availability of two products that comprehensively assess non-weather-related water and fire risk. WaterRisk™ and FireRisk™, both products of Location, Inc., are the first to measure frequency of non-weather-related water and fire events and represent the only non-weather-related risk assessment solutions available on the market today.
Property insurers have historically been unable to accurately analyze the likelihood of non-weather-related hazards – such as plumbing and appliance leaks or the likelihood of house fires – due to a lack of consistent and complete data that capture unaccounted for water and fire risk. However, non-weather-related water damage accounts for approximately 20 percent of all homeowner insurance losses nationwide*, and 84 percent of home structure fires** are either intentionally ignited, smoking accidents or a result of misused or failed cooking equipment, unattended candles or failures of heating and electrical systems.
WaterRisk and FireRisk by Location, Inc. are the first non-weather risk solutions built using advanced predictive analytics that look at appliances, systems, wiring, structures, climate and geographical location. This enables insurers to more accurately quantify the likelihood and severity of damage from water and fire beyond previous methods of qualification. The solution utilizes 2 billion data points nationwide, as well as unique geospatial risk models to generate over 11 million points of risk.
With complete, seamless U.S. coverage at the individual block level, the products offer 300 times more granularity into specific property risk factors than the average ZIP code analysis can provide. Both products identify precise, measurable data on previously unquantifiable factors such as poorly maintained properties, improper storage of flammable materials or plumbing system failures.
WaterRisk and FireRisk, are available for portfolio consumption and through RiskMeter Online® from CoreLogic.