European Space Agency funds satellite profiling initiative to help insurers better understand subsidence

European Space Agency funds satellite profiling initiative to help insurers better understand subsidence

The European Space Agency has recently awarded Property Assure Limited funding for its Ground Instability Risk Profiling initiative (GIRP). The 0.5 million euro funded study, will assess the benefits of integrating Earth Observation and GNSS capability with property data sources across the entire insurance sector, ranging from underwriting to claim handling..
A number of key global insurance related organisations representing insurers, re-insurance, broking and loss adjusting will be involved with the project which commenced on 1 July.  The service will be supported by a number of key suppliers in the Geology and Space Technology industry. 
Bob Blunden, Property Assure’s chairman explained: “This project places Property Assure at the forefront of a new and exciting level of innovative thinking in the subsidence industry providing the opportunity for satellite capability to be thoroughly assessed for the benefit of the  UK’s insurance market’ 
Andy Lucas, Managing Director of Property Assure, added: “You may think that measuring such small movements would be impossible by satellite, but with the advancement of space technology, we are confident we will develop a platform to integrate satellite data in a day-to-day environment.”
Swiss RE in conjunction with the Swiss Institute of Technology predicts soil subsidence will worsen and spread in Europe, with some areas seeing a more than 50% increase in future losses over the next 10-25 years. In the last 10 years alone, subsidence has already cost the economy £3bn. 
Although there have been significant developments in flood mapping, subsidence and ground stability still remain a challenge. It is hoped this will be addressed by the Ground Instability Risk Profiling service, and the project will take 10 months to complete.

Property Assure

http://www.propertyassure.co.uk

Property Assure is the unique information and helpline service that provides independent and objective diagnosis, advice and solutions for all aspects of property repair, restoration, maintenance and improvement.

We provide a range of property services:

  • Property Maintenance and Improvement helplines
  • Full range of specialist inspections - gas, electric, structural, drainage, concrete cancer, red shale, arboriculture, leak detection, EPC - to help Home Owners, Home Buyers and Equity Release customers
  • Subsidence risk assessment and mitigation services
  • Solar panel roof integrity surveys and load calculations
  • Building alteration and conversion project management services
  • Tradesman service – helping to identify the right tradesman, providing the tools to select yourself, checking quotes or introducing you to our quality assured Tradesman

Our Technical Centre team is comprised of fully qualified and accredited Engineers, Surveyors and technical experts who are on hand to provide advice, support and solutions from simple problem-solving to assessing and resolving property damage.

Our promise ...

  • We give you straightforward, honest advice to solve property issues and problems
  • We are independent and impartial, so our advice is based on what is best for you in your situation
  • We are fully qualified and accredited experts in our field, so you can trust and rely on our advice

Contact: Andy Lucas

Tel: 01572 820033

Email: [email protected]

Address
Property Assure Ltd,
Glaston Hall,
Spring Lane,
Glaston
LE15 9BZ

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