Terrafirma Strengthens Expertise As BoE Financial Stress Tests Begin

The ground risk assessment provider made the appointments following the publication of the Bank of England (BoE) regulations climate stress test which raised awareness throughout the financial sector of critical transition risks and physical risks on the ground.

It has now strengthened its team of geologists, scientists and geo-hazard specialists within its climate risk modeling division for mortgages and property insurance.

Terrafirma said his new appointments would increase his expert knowledge on a wide range of ground hazards, including coastal erosion, land subsidence, landslides and mining to accurately model and assess the potential impact on the built environment today and in the future.

This will allow lenders and insurers to better understand their financial exposure to particular soil risks, to make more informed decisions up front.

the National ground risk model: Climate ™ (NGRM: Climate) shows four climate emission scenarios, meaning that each zip code has a hazard rating derived from its local geology and climate projections for each decade between the 2020s and 2080s.

Geospatial data scientist Dr Tim Farewell is overseeing the development of NGRM: Climate after nearly two decades of researching and modeling soil motion and other ground hazards for the insurance and water industries.

He said: “I am truly delighted to add to an already impressive science division at Terrafirma. Within the group, they have a wealth of knowledge and unmatched expertise in the geological and geospatial sciences, and each has a personal passion for helping real estate professionals and financial organizations better understand the risks for goods related to ground hazards in a changing climate.

Our approach has found favor with transport agents because they see the value of relying on the opinion of professionals and academics who not only understand the data and the latest modeling techniques, but also the complexity of these dangers. physical and the risk they represent to property.

Appointment

To support this key area of ​​their business, Terrafirma has appointed Lee Taylor as Senior Geotechnical Director. For the past decade, Taylor has worked for the global design, planning and engineering firm, Arup, as an engineering geologist and geohazard specialist.

He joins Terrafirma with a wealth of knowledge and experience in ground risk management for the design, construction and lifespan of a variety of projects, including buildings, infrastructure and planning.

Taylor specializes in geological and geomorphological mapping, remote sensing, and the use of geographic information systems (GIS) to develop visualizations of existing ground conditions and active geological processes.

His experience covers a variety of infrastructure and construction projects including linear infrastructure (flood protection, onshore and nearshore pipelines, nearshore and offshore cables, tunnels, highways and railways), renewable and non-renewable energy assets. , general planning projects and individual development. sites.

Terrafirma’s ongoing research and development and its growing team are helping more banks, mortgage lenders and insurers gain access to cutting-edge knowledge and techniques, as well as leading academics in their field, some of which have contributed to the Intergovernmental Panel on Climate Change. (IPCC).

Climatologist Hamish Wilkinson is also joining as a spatial data analyst, expanding Terrafirma’s ability to develop more precise modeling.

Recently graduated with a master’s degree, Sam Grant is also joining as a Spatial Data Analyst, with the goal of further improving the detail and usability of reports and data. The NGRM: The climate has now improved the climate resolution to 1 km2 and includes the Isle of Man.

Nicolien van Zwieten forms the scientific team in the role of geoscience researcher, drawing on her experience working as a GIS analyst helping to combat biodiversity loss. It communicates risks on the ground to the general public, using the latest GIS tools to analyze and support climate risk awareness.

As noted in the recent Committee on Climate Change (CCRA3) risk assessment, the overall level of climate risk has increased since the last assessment in 2016 and “climate change is beyond action”.

This will continue to increase the exposure of the UK economy over the next century. The number of properties at risk of exposure to coastal hazards will increase due to increased rates of coastal erosion.

Land degradation caused by heavy rainfall will increase the risk profile of slope stability hazards. At the other extreme, summers are expected to become hotter and drier, directly affecting soil moisture.

This will directly modify the built environment, in particular due to an increased risk of subsidence of clay soils liable to shrink-swell (volumetric changes).

NGRM: Climate was recently updated to provide lenders with all the ground data and information recommended by the Bank of England’s CFRF guide.

Speak to Dr. Tim Farewell to understand how ground risks like subsidence, coastal erosion and sinkholes will exacerbate over the decades, and ultimately how these risks affect insurance and credit portfolios. Email Tim at [email protected] to discuss the future of ground hazard and to set up a free demonstration.


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