-Company Finds 726 Commercial, Public and Residential Properties in the Path of Recent California Wildfires-
AUSTIN, Texas, May 21, 2009 - CoreLogic Spatial Solutions (FASS), a member of The CoreLogic Corporation (NYSE: FAF) family of companies and a leader in spatial and natural hazard risk solutions, today released its estimate of property losses from the recent Santa Barbara, Calif., Jesusita wildfire. As the fire was burning and insured losses continued to mount, FASS used its wildfire models, its highly accurate PxPointTM geocoding technology, and parcel data and valuation information from its sister company, CoreLogic CoreLogic, to estimate that the actual residential property loss will likely reach more than $130 million. According to the California Department of Forestry and Fire Protection, 8,733 acres burned and 80 homes were destroyed in the hills east of Santa Barbara. Given the large geographic exposure, dense population and extent of the fire, FASS found the damage could have been much worse since approximately 726 commercial, public and residential properties were located within the combined perimeter of the burn area. While all types of properties were in the path of the fire, FASS estimates all of the residential properties in the area to be valued at a total of more than $500 million, with the average residence valued at $1.5 million and a median value of $1.2 million.
"By analyzing the combined data from CoreLogic Spatial Solutions and CoreLogic CoreLogic we can accurately locate the properties that were directly in the path of the wildfire and, therefore, at the highest risk for loss," said Howard Botts, vice president and director of database development at FASS. "When compared to published reports, our wildfire hazard models were able to forecast the potential risk for more than 90 percent of the homes that were exposed to this fire. Additionally, using advanced geospatial analytics and our extensive parcel data and valuations from CoreLogic CoreLogic, we were able to quickly identify the potential for loss from the fire."
Through the use of advanced wildfire analytics and its extensive property database, CoreLogic Spatial Solutions is able to predict which properties are likely to be affected by a wildfire across most of the Western U.S.
Notes for the Media CoreLogic Spatial Solutions is making its wildfire maps and insurance and geo-science experts available to the media to discuss the impact the Jesusita fire may have on future wildfires in Santa Barbara and which properties are likely to be affected by a wildfire in the future.
To obtain additional information, maps or to schedule an interview with one of CoreLogic Spatial Solutions' experts regarding the Jesusita fire, please contact: • Erin Hanley Email:
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Phone: (512) 638-5309 or (512) 450-8231 • Emily Schmidt Email:
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Phone: (512) 638-5318 or (337) 344-1816.
Wildfire Images CoreLogic's wildfire maps show the zones that have the highest risk of being affected by a particular wildfire. These zones consist of two components. The first, a comprehensive computer model developed by CoreLogic's hazard scientists, assess relative brushfire risk based on four factors: slope, aspect, vegetation (fuel) and vegetation composition. The mathematical combination of these four variables results in a numeric range of values that is subsequently divided into four risk categories-very high, high, moderate or low. This model simplifies the assessment of risk and provides insurers with the reliable information needed to accurately determine brushfire risk for a defined area or specific location. CoreLogic Spatial Solutions also uses its FIREbreak wildland and urban interface (WUI) model to accurately assess the brushfire risk along the WUI. It identifies a property's proximity to high-risk vegetation and its residential density class to help insurers make informed risk determinations. Additional images show the fire perimeter in relation to exposed land parcels and the Tea fire from November 2008.
Wildfire Experts Dr. Howard Botts, vice president and director of database development for CoreLogic Spatial Solutions, has more than 30 years experience in spatial database development, computer cartography and geographic information systems. Botts is responsible for leading and overseeing CoreLogic Spatial Solutions' team of geographic information systems (GIS) professionals responsible for developing and maintaining hazard databases for the insurance industry. Botts is also a professor of geography at the University of Wisconsin - Whitewater and a recognized leader in applied business geographics. He has been published extensively and has made numerous presentations to business and professional organizations on a variety of topics, including hazard database development, new approaches to rating territory creation, and assignment and automating risk assignment in underwriting. Botts received bachelor of arts and master of arts degrees in geography from California State University, Northridge, and a doctorate in geography from the University of Wisconsin.
Dr. Thomas Jeffery is an assistant professor teaching courses in cartography, remote sensing and GIS at the University of Wisconsin - Whitewater and consults for CoreLogic's geospatial development teams. As a nationally known expert on brushfires, Dr. Jeffery became involved in brushfire modeling in the late 1990s at the University of Nebraska-Lincoln at the Center for Advanced Land Management and Information Technology, where he obtained his doctorate in geography. Dr. Jeffery was a key developer of CoreLogic Spatial Solutions' brushfire analytical model.
About CoreLogic The CoreLogic Corporation (NYSE: FAF) is a FORTUNE 500® company that traces its history to 1889. With revenues of approximately $6.2 billion in 2008, it is America's largest provider of business information. CoreLogic combines advanced analytics with its vast data resources to supply businesses and consumers with valuable information products to support the major economic events of people's lives, such as getting a job, renting an apartment, buying a car or house, securing a mortgage and opening or buying a business. The CoreLogic Family of Companies, many of which command leading market share positions in their respective industries, operate within five primary business segments, including: Title Insurance and Services, Specialty Insurance, Information and Outsourcing Solutions, Data and Analytic Solutions, and Risk Mitigation and Business Solutions. More information about the company and an archive of its press releases can be found at www.firstam.com.
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