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7.3 Million Homes at Risk of 2019 Hurricane Storm Surge Damage with $1.8 Trillion in Potential Reconstruction Costs, According to CoreLogic Report

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  • New York City and Miami metropolitan areas have greatest risk of
    storm surge
  • Atlantic Coast contains 57% of the total homes at risk of storm
    surge flooding

IRVINE, Calif.–(BUSINESS WIRE)–CoreLogic® (NYSE: CLGX), a leading global property
information, analytics and data-enabled solutions provider, today
released its 2019
CoreLogic Storm Surge report
, which shows more than 7.3 million
single- and multifamily homes along the Gulf and Atlantic Coasts have
the potential for storm surge damage, with a total estimated
reconstruction cost value (RCV) of nearly $1.8 trillion. Early
predictions
from the National Oceanic and Atmospheric Administration
(NOAA) indicate a near-normal year for the 2019 Atlantic hurricane
season.


The CoreLogic Storm Surge report provides an annual evaluation of the
number of homes in the United States that are vulnerable to storm surge
in the Gulf of Mexico and Atlantic Basin, which includes every state
from Texas to Maine, approximately 3,700 miles. The report also includes
associated RCV of these properties, which is calculated using the
combined cost of construction materials as well as equipment and labor.
The analysis examines risk across 19 states and 85 Core-Based
Statistical Areas (CBSA). This is the first year the Storm Surge report
analysis includes multifamily structures, which encompass apartments,
condominiums and multi-unit dwellings.

“It is essential to understand and evaluate the total hazard exposure of
properties at risk of storm surge prior to a hurricane event, so
insurers can better protect and restore property owners from financial
catastrophe,” said Dr. Tom Jeffery, senior hazard scientist at
CoreLogic. “Damage from storm surge and inland flooding has proven to be
far more destructive than wind in recent years, so we cannot rely on the
hurricane category alone to give us a sense of the potential loss. A
Category 5 hurricane in an area with few structures may be far less
devastating than a Category 1 hurricane in a densely populated area.”

Regional Implications

  • The Atlantic Coast contains 57% of the total homes at risk of storm
    surge flooding and 62.7% of the total RCV. The region has more than
    4.1 million homes at risk of storm surge with an RCV of over $1.1
    trillion.
  • Conversely, the Gulf Coast contains 43% of the homes at risk and 37.3%
    of the total RCV. The region has nearly 3.1 million homes at risk with
    over $668 billion in potential exposure to total destruction damage.

State Implications

  • Florida, Louisiana, New York and Texas have the greatest number of
    homes at risk of storm surge.
  • Florida has the most exposure to storm surge flooding, with more than
    2.9 million homes at risk. The state also has the highest RCV at over
    $603 billion.
  • Louisiana has the second most exposure to storm surge flooding, with
    more than 847,000 at-risk homes and the third highest RCV at over $202
    billion.
  • In New York, the density of the residential population near the coast
    makes it extremely vulnerable to flooding despite less frequent
    hurricane events. New York ranks third in the number of homes at risk
    (over 564,000) and second in RCV (over $240 billion).
  • Texas ranks fourth with more than 561,000 at-risk homes. Texas has the
    fifth-highest RCV with more than $113 billion.

Metro Implications

CoreLogic looked at 85 Core-Based Statistical Areas (CBSA) to determine
the metropolitan areas with the greatest number of homes exposed to and
the highest RCV from storm surge flooding.

  • The New York, Newark and Jersey City metro area has the greatest risk
    of storm surge with just over 831,000 homes at risk and RCV of over
    $330 billion. Although this number of homes at risk is similar to that
    of the Miami metro area, the RCV for these homes is double Miami’s
    metro area RCV.
  • The Miami, Florida metro area that includes Miami, Fort Lauderdale and
    West Palm Beach, Florida follows the New York metro area with more
    than 827,000 homes at risk and an RCV of $166 billion.
  • Because of the density of residences in large metro areas, the top 15
    CBSAs account for 67.5% of the total number of homes at risk and 68.9%
    of the total RCV for storm surge risk in the United States. This
    underscores the importance of considering location of future storms
    when assessing the potential for catastrophic damage.

Important notes regarding definitions:

Single-family and multifamily homes are provided in separate charts and
categorized by level of exposure to storm surge hazard from Categories 1
through 5 hurricanes. RCV figures represent the cost to completely
rebuild a property in case of damage assuming the worst-case scenario at
100% destruction. For more information about this data and what to
expect from CoreLogic hurricane season reporting, contact us at newsmedia@corelogic.com
to get access to a recorded pre-season media-only webinar.

Note: These numbers are cumulative. A home being affected by a
Category 1 storm would accordingly also be affected by a Category 5—so
the highest Category represents the aggregate total.

Methodology

The analysis in the 2019 CoreLogic Storm Surge Report encompasses
single-family residential structures less than four stories, including
mobile homes, duplexes, manufactured homes and cabins (among other
non-traditional home types). And, for the first time, the report also
encompasses multifamily structures, which include apartments,
condominiums and multi-unit dwellings. It is important to note that the
inclusion of high-rise residential units such as those listed above may
skew both the numbers associated with storm surge risk. This is because
lower-level units are most likely to be affected, whereas the units
above the second floor will rarely, if ever, experience storm surge
flood damage.

Year-over-year changes between the number of homes at risk and the RCV
can be the result of several variables, including new home construction,
improved public records, enhanced modeling techniques, fluctuation in
labor, equipment and material costs and even a potential rise in sea
level. Indeed, this year’s addition of new data in the form of
multifamily structures has increased the total number of structures at
risk. For that reason, direct year over year comparisons should be
warily considered. To estimate the value of property exposure of
single-family residences, CoreLogic uses its RCV methodology, which
estimates the cost to rebuild the home in the event of a total loss and
is not to be confused with property market values or new construction
cost estimation. Reconstruction cost estimates more accurately reflect
the actual cost of damage or destruction of residential buildings that
would occur from hurricane-driven storm surge, since they include the
cost of materials, equipment and labor needed to rebuild. These
estimates also factor in geographical pricing differences (although
actual land values are not included in the estimates). The values in
this report are based on 100% percent (or “total”), destruction of the
residential structure. Depending on the amount of surge water from a
given storm, there may be less than 100% damage to the residence, which
would result in a lower realized RCV.

To evaluate storm surge risk at the local level, CoreLogic uses the
designation of Core-Based Statistical Areas (CBSAs), which are often
referred to as metropolitan areas (>50,000 people), or micropolitan
areas (

The high-resolution, granular modeling for underwriting individual risk
allows enhanced understanding of the risk landscape and damage
potentials. CoreLogic offers high-resolution solutions with a view of
hazard and vulnerability consistent with the latest science for more
realistic risk differentiation. The high-resolution storm surge modeling
using 10m digital elevation model (DEM) and parcel-based geocoding
precision from PxPoint™ facilitates a realistic view of the
risk.

The probabilistic CoreLogic North Atlantic Hurricane Model, which can be
accessed in the catastrophe modeling platform RQE®, is
powered with unparalleled property data from CoreLogic. The combination
of high-quality data and detailed modeling provides realistic and
credible view of the potential risk to make informed business decisions,
understand risk and accelerate recovery.

About CoreLogic

CoreLogic (NYSE: CLGX), the leading provider of property insights and
solutions, promotes a healthy housing market and thriving communities.
Through its enhanced property data solutions, services and technologies,
CoreLogic enables real estate professionals, financial institutions,
insurance carriers, government agencies and other housing market
participants to help millions of people find, acquire and protect their
homes. For more information, please visit www.corelogic.com.

CORELOGIC, the CoreLogic logo, RQE and PXPoint are trademarks of
CoreLogic, Inc. and/or its subsidiaries. All other trademarks are the
property of their respective owners.

Contacts

Media Contacts:
Alyson Austin
CoreLogic, Corporate
Communications
949-214-1414
newsmedia@corelogic.com

Caitlin New
INK Communications for CoreLogic
512-906-9103
corelogic@ink-co.com

Cannabis

Oppenheimer & Co. To Host 19th Annual Consumer Growth and E-Commerce Conference

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Oppenheimer & Co. Inc. (“Oppenheimer”) – a leading investment bank, wealth manager, and a subsidiary of Oppenheimer Holdings (NYSE: OPY) – will host its 19th Annual Consumer Growth and E-Commerce Conference on June 18-19 in Boston, MA. This year’s event features companies from prominent consumer brands such as Autozone, Domino’s Pizza, Express, Home Depot, Lowe’s, Six Flags Theme Parks, Tiffany & Company, Ulta, Walmart, Weight Watchers, and Yum Brands.

Of particular note, Oppenheimer is pleased to host nine of the market-leading companies involved with emerging trends in the Cannabis space this year. The event will also feature seven panel discussions, moderated by Oppenheimer Consumer Research Analysts, addressing emerging and disruptive trends in the consumer marketplace as follows:

  • Evolving Role of Technology in the Consumer Sector with Cooler Screens and Lindsay Goldberg LLC, moderated by Brian Nagel
  • A Discussion with Emerging Restaurant Brands with Aurify and B. Good, moderated by Brian Bittner
  • A Discussion on the Evolving US Food & Beverage Landscape with Lifeway, New Age Beverage, and United Natural Foods, moderated by Rupesh Parikh
  • Next Gen Brands Re-Shaping Landscape for Women’s Fashion with CARAA and Rothy’s, moderated by Brian Nagel
  • Exciting New Brands Shaking Up Home Products Space with Burkelman, LoveSac and Resident/Nectar, moderated by Brian Nagel
  • A Discussion on the Emerging CBD Landscape with Curaleaf and CV Sciences, moderated by Rupesh Parikh
  • Leveraging the Power of Digital to Connect with Consumers with Eight and FlexShopper, moderated by Brian Nagel

The conference features Oppenheimer’s Consumer Senior Research Analysts:

  • Brian Bittner, Managing Director Senior Analyst covering Restaurants
  • Brian Nagel, Managing Director and Senior Analyst covering Retail and E-Commerce
  • Rupesh Parikh, Managing Director and Senior Analyst covering Food, Grocery and Consumer Products
  • Ian Zaffino, Managing Director and Senior Analyst covering event-driven Special Situations

“Long-established business models are being upended by disruptive brands and technology, affecting consumer preferences and buying behaviors throughout the consumer industry. This year’s event aims to showcase the mix of market-leading and emerging companies driving and navigating these changes,” said Erica L. Moffett, Managing Director and Associate Director of Research at Oppenheimer. “From effortless payment methods to accelerated delivery times and customized products, consumers want a seamless experience. In order to succeed, companies must stay current on the evolving consumer and we are pleased to host a conference to explore this new landscape.”

Oppenheimer’s next conference will be the Montauk Emerging Life Sciences Summit, which will be held on June 26-28in Montauk, NY. The 22nd Annual Technology, Internet & Communications Conference will follow on August 6-7 in Boston, MA, followed by the Midwest Corporate Access Day in Chicago on August 15.

Oppenheimer & Co. Inc.
Oppenheimer & Co. Inc. (Oppenheimer), a principal subsidiary of Oppenheimer Holdings Inc. (OPY on the New York Stock Exchange), and its affiliates provide a full range of wealth management, securities brokerage and investment banking services to high-net-worth individuals, families, corporate executives, local governments, businesses and institutions.

SOURCE Oppenheimer & Co. Inc.

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Cannabis

iCAN: Israel-Cannabis CEO and Founder Saul Kaye to Participate at the World Cannabis Congress in Saint John, New Brunswick

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iCAN: Israel Cannabis Founder and CEO Saul Kaye will participate at the World Cannabis Conference being held in Saint John, New Brunswick, Canada from June 16-18, 2019.

Kaye, a leader in the global cannabis ecosystem will moderate a session entitled, “Innovative Methodologies and Emerging Topics in Global Cannabis Research.”  Panelists are Dr. Suzanne Sisley MD President and Principal Investigator, Scottsdale Research Institute and, Dr. Jerry King, R&D Consultant, CFS.  The session will take place at the Saint John Trade & Convention Centre on June 18.

The World Cannabis Congress (WCC) is an exclusive, invite-only event for international cannabis leaders, influencers and trend setters. The event will have hundreds of attendees from around the world from business, government and medicine.

In addition to his leadership of iCAN: Israel Cannabis, Kaye is an industry advisor to the Medical Cannabis Caucus of the Israeli Parliament, as well as an advisor to the Ministries of Economy and Health in Israel. He is a licensed pharmacist and a successful entrepreneur with both retail and e-commerce experience. Saul has founded multiple companies spanning six countries across the US, EuropeIsrael and Australia.

Canada has truly been a global trailblazer in the cannabis industry.  Canadian cannabis companies and its stock market are influential and forward looking and we in Israel, the R&D capital of cannabis, collaborate with our Canadian friends on many different levels.  I look forward to participating at the WCC as the medicine and business of cannabis develops at breathtaking speed both in Israel and beyond,” said Kaye.

 

SOURCE iCAN: Israel Cannabis

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Cannabis

Loyalist College to launch Canada’s first Technology Access Centre for natural products and cannabis

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Loyalist College is the recipient of a $1,750,000 Natural Sciences and Engineering Research Council of Canada (NSERC) College and Community Innovation (CCI) Program grant over five years to launch Canada’s first Technology Access Centre (TAC) for natural products and cannabis. In addition, Loyalist received $1Mthrough the Canada Foundation for Innovation’s (CFI) College-Industry Innovation Fund (CIIF) to add specialized equipment to the TAC.

Loyalist was one of 90 recipients at colleges, cégeps and polytechnics across the country to receive part of the $73M in funding, announced today by the Honourable Kirsty Duncan, Minister of Science and Sport, at Georgian College in Barrie, Ontario. Through the CCI Program and the CIIF, this investment will help post-secondary institutions partner directly with local employers to facilitate commercialization and transform the results of research and development into new technologies to help businesses expand and grow.

The rapid growth of Canada’s cannabis, hops and natural products sectors positions Loyalist’s Applied Research Centre for Natural Products and Medical Cannabis (ARC) as a national innovation hub for small- to medium-sized enterprises. As a TAC, Loyalist will build on the ARC’s 15 years of natural product extraction expertise and analysis-based applied research. In transitioning to a TAC, Loyalist’s ARC will significantly increase the College’s capacity to lead applied research of commercially relevant natural products and cannabis, and to support innovation by enhancing industries’ access to sector-relevant expertise and technology.

The TAC initiative will cultivate an environment for College-industry partnerships to thrive while providing students with unparalleled opportunities for work-integrated learning; investigating extraction, isolation, and formulation; and product development. In partnership with the Quinte Economic Development Commission (QEDC), Loyalist will support the Bay of Quinte’s burgeoning natural products and cannabis sectors to generate regional socioeconomic benefits, and to provide opportunities for a new generation of innovators. Loyalist will also offer companies across Canada a supportive, community-oriented platform from which to enhance their productivity, expand their reach and augment their competitiveness in the global market.

Quotes

“We are very grateful for NSERC’s continued support and proud to be Canada’s first TAC for natural products and cannabis. Loyalist currently has more than 25 companies interested in applied research, and as our ARC transitions into a TAC, we will be able to meet their requirements while significantly extending our network to help more companies to innovate. Our Biosciences and Cannabis Applied Science students will have the advantage of being involved in ground-breaking research that propels Canada forward as the world leader in cannabis and natural product developments.” – Dr. Ann Marie Vaughan, Loyalist College President & CEO

“It’s great to see this NSERC and CFI funding come through for Loyalist College’s launch of Canada’s first TAC for research in natural products and cannabis. Being able to conduct research in a state-of-the-art facility means that students working in the College’s ARC will be able to build up their expertise in product analysis; which can then be applied directly to commercial development. This is just the beginning of seeing a new series of natural products being designed, assessed, made and delivered from our region.” – Neil R. Ellis, Member of Parliament for Bay of Quinte

“I am so proud to see the innovation that is driving research and economic development in our rural community through Loyalist College’s ARC. Innovation is key to Rural Sustainability and this investment will ensure that we are training the next generation in the latest technological advances. I congratulate them on their NSERC and CFI grant, and wish them all the best of success.” – Mike Bossio, Member of Parliament for Hastings—Lennox and Addington

“The Quinte Economic Development Commission is proud to be a supporting partner with Loyalist College on this important initiative that is aligned with economic development opportunities and priorities in the region. The TAC will support industry research and innovation for companies in key industry sectors as well as helping students develop in-demand skills and experience. Congratulations to the team at Loyalist on launching this important project.” – Chris King, Chief Executive Officer, Quinte Economic Development Commission

 

SOURCE Loyalist College

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