Insurers, the European Space Agency (ESA) and a Zurich-based data company have joined forces to produce satellite flood maps that could be used to better understand Australia’s flood risks.

Catastrophe claims data provider Perils AG says the maps – which can be downloaded from its website – provide rapid flood impact assessments and improved understanding of risk and mitigation. It says the mapping will provide global coverage.

Perils AG Head of Products Eduard Held says the project will satisfy a longstanding industry need for detailed flood information during and after events.

“While it has been possible to access satellite images in the past, this is the first time insurers will be able to access images that have been standardised to better suit their specific requirements,” he said.

Mr Held says high-resolution flood boundaries can be made available daily during floods.

“After the flood a map showing the maximum extent of the flooding during the entire event will be produced,” he said.

Perils will offer the information free during a 12-month trial.

Companies supporting the project include Allianz, Eqecat, Guy Carpenter, Munich Re, Swiss Re and Willis.