IRVINE, Calif.–(BUSINESS WIRE)–CoreLogic, a leading global property data and analytics-driven solutions provider, has been selected to expand the Hail Protection product designed by AXA Climate. With the help of CoreLogic’s proprietary data, the product is designed to help businesses recover from financial losses such as property damage or business interruption following a hail event. After a successful initial launch of the parametric hail product in 2019, AXA Climate will bring the solution to condominiums, golf courses and greenhouses, among others.
According to the National Oceanic and Atmospheric Administration (NOAA), 18 billion-dollar disasters have hit the U.S. so far in 2021.1 Seven of these events included episodes of severe hail. With large losses due to hail occurring each year, insureds are experiencing a hardening market with higher deductibles and premiums.
“AXA Climate constantly strives to streamline its user experience and reduce any potential basis risk in its parametric offers. Working with CoreLogic allows us to do both,” added Antoine Denoix, CEO of AXA Climate. “Hail is our starting point, but we see the potential to collaborate further with CoreLogic to support actors engaged in sustainable transitions.”
When an insured experiences a hail event, CoreLogic uses its proprietary technology to capture the event and report the maximum hail size at the insured location and the surrounding area. This Hail Verification Report is then the reference in determining if a parametric policy has triggered. No loss adjustment is needed as payouts are pre-defined with the insured as a function of the maximum hail size declared in the Hail Verification Report.
“CoreLogic is powering AXA Climate to make better decisions in parametric policy through data-driven insights in hail location and severity,” said Mick Noland, managing director, CoreLogic. “CoreLogic can help AXA Climate enable shorter cycle times for policyholders, all while helping those policyholders find, buy and protect the homes and businesses they love.”
AXA Climate is a managing general agent of the global insurance and reinsurance group AXA XL.
About AXA Climate
AXA Climate is a committed climate insurer: we prioritize working with clients committed to shifting their activities to make them sustainable. We integrate best-in-class climate expertise and satellite data in all our products. We believe that from this decade onwards, only private and public actors committed to a sustainable transition will be insurable. Our mission is to reinvent the insurance business to support those engaged in sustainable transitions. We have developed a set of business lines around climate change: parametric insurance against climate risk, operational warning, climate consulting services, and climate training to engage all employees. We are a team of over 80 collaborators spread across the 5 continents, leveraging the entire AXA ecosystem.
About CoreLogic
CoreLogic is a leading global property information, analytics and data-enabled solutions provider. The company’s combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.
CORELOGIC the CoreLogic logo, are trademarks of CoreLogic, Inc. and/or its subsidiaries
1 https://www.ncdc.noaa.gov/billions/events
Contacts
Media Contacts:
Robin Wachner
CoreLogic
[email protected]
AXA Climate Contact:
Mia Vioulès
AXA Climate
[email protected]
If you enjoyed this article and want to receive more valuable industry content like this, click here to sign up for our digital newsletters!
