Insurance premiums are starting to fall as flood mapping improves.

Insurers have previously complained about a lack of accurate data, which became an issue after the 2011 summer floods, when flood cover was made compulsory in many household policies.

Customers protested at premium increases, claiming they had no risk, while insurers argued they were pricing on the information available.

Inquiries after the floods showed data was often hard to find, or local councils did not want to hand it over.

However, this has changed, with the Insurance Council of Australia, insurers, town planners and engineers collaborating on flood mapping.

A soft market and more comprehensive pictures of risk are beginning to deliver results as insurers reprice risk.

See ANALYSIS