Terrafirma, a Dye & Durham solution, is celebrating a major award win for climate change ground risk analytics this week, following the Credit Awards 2021. Terrafirma has partnered with Hometrack, working with HSBC who won the Best Use of Technology award for the Climate Change Risk solution at the awards, which announced the winners at a prestigious ceremony at Grosvenor House in London.
Tom Backhouse, CEO, Terrafirma confirms: “We launched Terrafirma’s National Ground and Climate Risk Model search (NGRM: Climate) at the end of 2020, partnering with Hometrack, the leading provider of insight and intelligence to the mortgage market, to help lenders understand the impact of climate change on property valuation.”
NGRM: Climate enables financial institutions to understand how ground instability hazards such as soil subsidence and coastal erosion are projected to impact property due to climate change. Ground risk profiles for 29 million residential properties, 30 million commercial buildings and 50 million structures are included in addition to information on present day ground instability hazards such as historic mining, landslides and dissolution enabling any business to understand their exposure to ground hazards.
Uniquely NGRM: Climate, shows four climate change scenarios, meaning every property has a hazard rating derived from its local geology and from climate projections for every decade between 2020s and 2080s. NGRM: Climate is already being used by several leading UK banks, building societies and insurers to assess property-specific information of the physical risks associated with climate change.
On awarding the ‘Best Use of Technology Award’ the judges stated: “While data management is critical, projects are not easy to pull off. [Hometrack and HSBC] have done so… resulting in vastly increased capacity and processing speed, while generating stronger credit models.”
Backhouse continues: “As a leading firm of geologists, soil scientists and engineers who are shaping the next generation of ground risk assessment, Terrafirma’s team, has worked to drive the solution with expertise from flood specialists, Ambiental Risk Analytics. We are now proud that our work has been recognised in this way and it will fuel our efforts to continue to be at the forefront of educating financial organisations and property professionals about ground risks posed by climate change.”
For further information please see: www.terrafirmaidc.co.uk
