The Insurance Council of Australia (ICA) has urged local authorities to provide updated hazard information for its DataGlobe risk map.

DataGlobe, a project started 10 years ago, gives an address-level visualisation of flood, bushfire, cyclone and storm risks.

ICA GM Policy Risk and Disaster Karl Sullivan told insuranceNEWS.com.au that while updates are constant, every few years ICA makes a concerted push for new data.

“We generally get a very good response, and it allows us to try to penetrate those councils that haven’t provided quality data for a very long time,” he said.

Few areas on the map lack data, but he says it is crucial to obtain the very latest information, especially if mitigation projects have taken place.

Mr Sullivan says the provision of accurate flood data generally results in a 16% reduction in premium, and it is rare for premiums to rise, even for at-risk properties.

“People who are a high risk are usually being priced with that in mind already,” he said. “Going from uncertainty to certainty definitely compresses premiums. There are still areas where mitigation has taken place but it hasn’t been included in the data set.”

To access DataGlobe, click here.