The Insurance Council of Australia (ICA) will introduce a mobile app giving residents access to the latest hazard data for their homes.

ICA says MyHazards, available early next month, will help reduce “information asymmetry” between insurers and their customers, and increase pricing transparency.

The council’s President, Richard Enthoven, told last week’s ICA annual dinner in Sydney the information will not include confidential or commercially sensitive underwriting data.

“However, it does give the community access to important information that is used by our industry to price insurance, in a format that is easy to understand,” he said.

“And it responds in a meaningful way to the community’s call for more transparency in insurance pricing. Finally, it empowers consumers to understand their risks and ask questions about mitigation and resilience.”

Mr Enthoven also told the audience of industry leaders, politicians and industry guests that ICA wants to “take a proactive leadership position” on climate change.

“ICA’s goal is to play a thought-leadership role in the transition of our nation to a low-carbon economy by sending a price signal about unacceptable risks and working with governments to help reduce risks through improving the built environment,” he said.

“This strategy will also help our member companies to manage the increasing risks to their businesses associated with climate change.

“We will continue to urge governments to take action in ways that benefit communities through investments in mitigation and resilience.”

Mr Enthoven says ICA will launch a new climate change website to raise awareness of industry developments.

“ICA is also taking its own steps to reduce [its] climate footprint and will ensure it is carbon neutral by 2021.”