Terrafirma build on conveyancing success to launch climate-change-focused ground risk solution

Terrafirma – the leading provider of ground risk reports to the conveyancing industry – have launched the National Ground Risk Model: Climate™, an expertly modelled dataset to understand how property, land and assets can be impacted by changing ground conditions driven by climate-change-focused issues.

With the UK’s biggest lenders and insurers taking part in the Climate Biennial Exploratory Scenarios on climate-related financial risks, NGRM: Climate™ provides simple risk scores across each hazard and climate scenario to enable financial professionals to identify how their exposure to ground risk may change under a changing climate.

With a number of innovations under their belt in the conveyancing industry including the first official alternative to the Coal Authority’s CON29M and the award-winning Ground Report, Terrafirma are ideally placed to support financial firms in understanding ground risk today and how it might change in the future through releasing NGRM: Climate.

NGRM: Climate has been developed by geologists, soil scientists, engineers and geospatial data specialists using Terrafirma’s National Ground Risk Model™ – the first map of all major ground instability risks in Great Britain.

The development of the National Ground Risk Model makes it possible to instantly access ground risk information for every property, parcel of land and asset in the UK. It enables scalable, cost-effective and instant analysis of ground risk on all 29 million properties, 50 million structures and 30 million land parcels in the UK. This provides a proven baseline to understand how ground risk can impact property. It will revolutionise how industries from lending and insurance, to construction and property developers, make decisions about property, land and assets.

Dr Tim Farewell, Science and Communications Director, said:

“Climate change will change the characteristics of soil in areas previously not at risk from subsidence events, increase sea levels and erosion rates across the UK, increase the severity and frequency of extreme weather events consequentially increasing the frequency and severity of landslide, dissolution and collapse events across the UK. NGRM: Climate provides financial firms with expertly-modelled dataset to understand how property, land and assets can be impacted by changes in ground.”

Tom Backhouse, CEO and Founder, said:

“As geologists, soil scientists and engineers, our success in the conveyancing market centres around our expertise in understanding ground hazards and the risk they pose to property. Our approach has found favour among conveyancers as they see value in relying on the opinion of professionals and academics who not only understand the data and latest modelling techniques but also the complexity of these physical hazards and the risk they pose to property.”

Kindly shared by Terrafirma