CoreLogic has announced that it has joined the Investor Group on Climate Change (IGCC) in Australia and New Zealand, and says its membership will help it assist the banking, investment and insurance sectors in managing their climate change risks.
CoreLogic previously partnered with Munich Re in 2020 to assess the impact of climate change on individual properties, and Asia-Pacific GM Milena Malev says this new partnership will be “very exciting” and will further demonstrate its commitment to assessing the current and future impacts of climate change.
Read more: Why climate change is “extremely relevant” to the mortgage space
Commenting on CoreLogic’s membership, IGCC CEO Emma Herd said: “We are delighted to have CoreLogic Asia-Pacific join as a supporting member of IGC, and we look forward to the practical insights and experience the organisation will bring to our work.”
CoreLogic head of consultancy and risk management solutions Pierre Wiart says that now is a good time to be taking a hard look at the climate change risks associated with banking and investment portfolios, particularly given how many of them have a large stake in the property market. He said that analysing the data we have will provide valuable insight into current risk levels, and will inform action for the near future.
“It’s a good idea to start fleshing out a deeper understanding of these risks as they relate to the portfolios that the banking and investment sectors hold,” Wiart said.
Read more: CoreLogic: Investor demand surges back to 2016 levels
“There is a whole suite of issues to address, but I think we need to really start thinking about the impact of climate change on our portfolios, whether we need to change our strategy, and whether we should deal with customers differently.”
“It’s very clear that we can start doing things now,” he explained.
“We have data, and while it certainly takes some time and effort to analyse, we can start to look at the impact of climate change on a portfolio and start to appreciate how much exposure we have. There are ways to address those impacts, and adding a novel view can offer us more information on how to handle them.”