9th August 2021
Following the launch of Terrafirma’s National Ground Risk Model (NGRM): Climate™ in 2020, earlier this year Terrafirma partnered with Hometrack, the leading provider of insight and intelligence to the mortgage market, in the release of their climate change risk product. The Climate Risk Suite helps lenders understand the impact of climate change on property valuation, and meet increasing regulation from the Bank of England.
Yorkshire Building Society, the UK’s third largest building society, is the latest to sign with Hometrack to provide climate change risk analysis on its mortgage portfolio. Terrafirma are delighted to offer ground risk modelling intelligence and expertise, alongside flood risk specialists Ambiental Risk Analytics to YBS to help manage climate-related ground risks.
Dr Tim Farewell who leads NGRM: Climate says: “At Terrafirma, we enable lenders to understand ground hazards so they can easily determine their portfolio’s exposure to risk. By identifying current and future areas exposed to risk, lenders can gauge the true financial impact climate change will have on the UK."
Leeds Building Society also have agreed to the new climate change risk contract with Hometrack to monitor the impact of global warming across its portfolio. The UK’s fifth biggest mutual says the deal builds on an existing relationship with the data body.
Benefitting from Terrafirma's expertise in ground risk assessment the Climate Risk Suite is being adopted by a number of banks, building societies and insurers to enable property-specific information of the physical risks associated with climate change.
Theo Brewer, director of analytics and consulting at Hometrack, said: “We have enlisted the best possible partners in Ambiental and Terrafirma to deliver a collaborative solution and ensure our customers benefit from the highest quality, most accurate and most current risk data that draws upon years of experience in modelling and understanding climate change challenges.”
Terrafirma's ground risk data examines movement, mining, erosion and landslides, which helps lenders raise their understanding of the impact of a changing climate on property valuations. Contact Tim via email at: email@example.com for more information.