Property risk analytics company CET was proud to unveil HiGround™, its subsidence risk profiling and mitigation services at the prestigious Global Space Applications Conference in Uruguay.
CET was the only British business invited to present at the event, which brought together leaders and decision-makers within the international satellite-based applications community. This included engineers, scientists, entrepreneurs, educators, agency representatives and policy makers.
At the core of the HiGround™ service is the new and unique Subsidence Index. The Subsidence Index has been developed in a partnership between CET and the British Geological Survey (BGS), with the support and co-funding of the European Space Agency.
The Subsidence Index details the likelihood of shrink–swell subsidence occurrence and is generated from a combination of best available geology, soil, property and tree information (and with the ability to integrate satellite ground motion information), verified with historical insurance claims, to create a ‘property specific’ Subsidence Index presented in either a basic or detailed score at both postcode and building level.
HiGround™ services have been created to help insurers and lenders predict and measure the likelihood of subsidence (ground movement that can cause property damage) and can be applied across book profiling, premium setting and claims management.
Andy Lucas, Innovations Director at CET said:
“We were honoured to be able to talk to like-minded pioneers from across the international satellite-based applications community. HiGround™ and the Subsidence Index generated a real interest in how we can combine space and terrestrial data to produce accurate quantification of subsidence risk.
With the Environment Agency’s predictions of increased flood and drought, including the subsidence-inducing extreme dry weather conditions we have experienced so far in 2018, HiGround™ will be invaluable tool to quantify, predict and therefore appropriately manage and price property risk.”
For further information about HiGround risk information please visit CET at www.cet-uk.com/higround