CET’s Property Assure business is pleased to announce our success in obtaining funding from the European Space Agency (ESA) http://www.esa.int/ESA for their innovative Ground Instability Risk Profiling initiative (GIRP). The ESA funding will greatly assist ourf GIRP study, to enable accurate and predictive ground stability risk profiling to the insurance industry through the integration of property data sources and satellite information.
The study will be undertaken across the insurance sector and we are delighted that our User Group is comprised of key stakeholders from a number of high calibre, global insurance related organisations. Supporting us in the design of the service are several highly respected Geology and Space Technology providers.
At the launch lunch held on 6th June at the Hilton Doubletrees roof top gardens in the heart of London’s financial district, Bob Blunden, CET’s Chief Executive Officer stated “Acting as Project Manager, this project places CET at the forefront of a new and exciting level of innovative thinking in the subsidence industry for the benefit of insurers, property owners and mortgage companies.”
The use of satellites has never been used before in the UK’s subsidence market and this initiative will explore how measurement relating to ground movement to be monitored from outer space can be made and reported. “You think of satellites as being really hi-tech and measuring small movements would be impossible”, stated Andy Lucas, Property Assure MD “but with the advancement of space and satellite technology, we are confident we will develop a platform to integrate satellites and subsidence in a day-to-day environment”.
Andy adds ‘The Launch Lunch was a great success and brought together all the key parties for the first time. It really started to develop our key relationships for a successful project delivery’.
It is well documented that the incidents of subsidence will grow over the next 10-25 years (British Geological Survey, Environmental Agency and Swiss Institute of Technology). Whilst we have seen significant development in flood mapping, subsidence and ground stability remains a challenge – a challenge that the Ground Instability Risk Profiling service will address.
The Project will take 10 months to complete.