The Queensland Government will provide the insurance industry will full access to flood data under a Memorandum of Understanding signed this week.
The Memorandum between the Newman Government and the ICA sets out a program intended to help address issue of insurance affordability in Queensland.
Under the MoU, the ICA and Queensland Government have agreed to exchange data on government hazard and related data to encourage more precise insurance pricing; to identify areas lacking flood mapping data, and joint research and development into new and better information to help assess extreme weather vulnerability. The government will also consult with the ICA on future mitigation planning.
ICA CEO Rob Whelan congratulated the Queensland Government’s efforts in improving the quality of information available to the insurance industry.
“This is a significant step that will help reduce much of the uncertainty in assessing risk and calculating insurance premiums for Queensland households and businesses.
“Queensland recently released flood mapping studies for 104 flood-risk towns across the state. It is finalising studies for a further 60 towns, which will be completed this financial year. These will help insurers refine their assessments of risk in many flood-prone regions.
“The Queensland Government has also made significant commitments to investing in physical mitigation works. Many at-risk households in communities where flood mitigation works have been completed, including Charleville, have experienced a plunge in premiums.”
