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DS News November 2022

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37 Follow Us At: @DSNewsDaily Industry Updates BLACK KNIGHT LAUNCHES SUITE OF CLIMATE RISK SOLUTIONS Black Knight Inc. has announced the launch of its new Climate and Natural Hazard Risk Data Solutions Suite to help identify properties impacted by natural disasters and mitigate fu- ture climate-related risk. Made up of integrat- ed data sets and portfolio analytics, but also available as stand-alone offerings, the Climate and Natural Hazard Risk Data Solutions Suite will provide property-level insight into both the potential impact of current climate events, as well as gauges and helps users manage the level of climate risk to assets in the future. "With each passing year, it becomes more apparent that we've entered an age of increasing- ly large, destructive, and frequent climate-driv- en events," said Ben Graboske, President of Black Knight Data & Analytics. "e impact these events have on life and property can be immense, with damages well into the billions of dollars each time. And the risk they represent to those with a financial stake in the collateral that's in the path of these events is significant and growing. Mortgage lenders, servicers, inves- tors, and many others with a stake in the hous- ing industry have always looked to Black Knight for actionable insights to help them manage risk, and climate risk is certainly no exception." CoreLogic estimates that due to wind losses for residential and commercial properties in Florida because of Hurricane Ian are expected to grow to between $22 billion and $32 billion, while insured storm surge losses in Florida are forecast to be an additional $6 billion to $15 billion. ese totals make Hurricane Ian the costliest Florida storm since Hurricane Andrew made landfall in 1992. Black Knight's Climate and Natural Hazard Risk Data Solutions Suite combines the com- pany's data and analytics assets with public and private data sets and proprietary risk-scoring algorithms to provide a unique look at climate risk, both proactively as well as in the moments immediately following a climate-related event. "According to a National Oceanic and Atmospheric Administration report, the United States saw 20 distinct billion-dollar-plus climate and weather events in 2021, making it the third- most-costly year on record with an estimated $145 billion in damages," Graboske added. "Black Knight customers already rely on our unmatched data and analytics offerings to monitor their portfolios for key risk factors, such as loan-to-val- ue ratios, equity, and liens. With the Climate and Natural Hazard Risk Data Solutions Suite, we can now also provide a 360-degree view of their climate risk–wherever they stand in the real estate and housing finance continuum." Black Knight's new suite includes Disaster Alerts and Climate Risk Scoring Disaster Alerts, the data set behind the Early Warning Suite in the Black Knight Actionable Intelligence Plat- form (AIP). e solutions use satellite imagery, topographical mapping, and other data sets to drill down into impacted areas and pinpoint properties in harm's way, in many instances before FEMA disaster declarations. By focusing on spe- cific properties that were impacted, rather than on countywide areas of potential activity, Disaster Alerts helps users act both quickly and effectively to protect costs and resources. e Climate and Natural Hazard Risk Data Solutions Suite will cover more than 95% of residential properties nationwide and is available via the Black Knight Rapid Analytics Platform.

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