The Satellite Race To Tackle Climate Change Risks Is On!

Value.Space has launched an in-depth subsidence exposure mapping tool for clients to get ahead of surging losses caused by climate-related risks. This includes a 2 in 1 system for wide area views down to asset level analytics.

Data gathered by Copernicus’ global climate monitoring service reveals that between June 2023-May 2024, every single month was the world’s hottest such month on record, leading to increased concerns about the impact of global warming.

The Economist recently looked at the vast damage to property climate change is causing all around the world and projected that property owners face a $25 trillion bill to deal with the consequences over the next 25 years. Alongside hurricanes, wildfires, and floods, the publication emphasised the significant peril of subsidence-related damage to property, especially in densely built-up cities such as London and Amsterdam.

Subsidence-related structural damage to property is surging around the world. There is growing awareness that the existing tools used for calculating subsidence risks to property - such as infrequently updated exposure maps or drought and soil moisture indices - are not sufficient to understand where the risks actually are.

New and more accurate tools are needed, with satellite-based monitoring becoming one of the most championed tools for insurers to get ahead in identifying, monitoring, and quantifying subsidence risks and losses.

Value.Space is now providing a 2 in 1 tool with almost real-time area or city-level subsidence exposure maps - offering a detailed overview of subsidence hotspots - with the functionality to zoom in for an in-depth understanding of movement risks on property level.

The tool is geared-up for subsidence detection and monitoring on buildings from 450 m² and upwards (4,800+ sq. ft), making it ideal for commercial property insurers, owners and financiers. Satellite-measured movement data goes back up to ten years and is combined with climate data - precipitation, temperature and soil moisture - allowing users to detect, monitor, and quantify existing and developing subsidence risks with a level of accuracy not previously possible.

With climate-related subsidence losses mounting, the potential in satellite technology is being recognised more widely. The British Geological Survey is exploring combining satellite data to complement its geological and weather models for developing predictive models of future subsidence. Sedgwick Group recently participated in a pilot using satellite data for subsidence claims assessment, where initial results showed that “application of this technology could improve service delivery and save insurers substantial sums in resolving subsidence claims.”

The race to help insurers meet the challenges of climate change with satellite technology is on!

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