14th January 2021
Following the launch of the National Ground Risk Model: Climate (NGRM: Climate™) in November last year, Terrafirma have partnered with Hometrack, the leading provider of insight and intelligence to the mortgage market.
The partnership means that Terrafirma’s NGRM: Climate joins Ambiental’s FloodFutures in providing critical physical risk components for ground and flood risk, respectively, within Hometrack’s recently launched Climate Change Risk Assessment product for mortgage lenders.
Hometrack’s climate change risk solution for mortgage lenders supports the objectives of the Bank of England’s climate strategy and aims to improve understanding of how threats from climate-related physical and transition risks impact property value and investment decisions.
Tom Backhouse, Terrafirma CEO said:“The partnership between Hometrack and Terrafirma offers mortgage lenders an unparalleled assessment of risk now and into an uncertain future as our climate changes. We are delighted to be a key part of a solution that will bring huge value to lenders.
NGRM: Climate has been developed by Terrafirma's geologists, soil scientists, engineers and geospatial data analysts using the National Ground Risk Model™, which provides a ‘present day’ baseline for how ground risk impacts property today.
NGRM: Climate combines geological, soils, mining, coastal erosion, landslide and climate data with the latest (UKCP18) climate projections and provides expert insight into ground risk severity and distribution at property or land parcel-level.
Advanced subsidence and landslide models - developed by leading ground hazard scientist Dr Timothy S. Farewell - combining soil, geology and mining features are included within the NGRM: Climate, in addition to a new coastal hazards model, which clearly illustrates the projected impacts of rising sea levels and increased erosion on coastal property and land.
Through incorporating NGRM: Climate in their Climate Change Risk Assessment, lenders can access to accurate, granular and, perhaps most importantly, understandable information on how ground hazards impact property today and in the future. A simple suite of risk scores communicate the exposure at property level across all known ground hazards for each climate scenario.
Find out more at: www.terrafirmaidc.co.uk/ngrmclimate.