The Queensland Government has given the Insurance Council of Australia (ICA) full access to its flood data, in a bid to address affordability issues.

Premiums have spiralled in many areas since the 2011 floods, with uncertainty about risk levels driving rises in some cases.

The state and ICA’s memorandum of understanding allows a free exchange of information between the organisations and identification of areas that lack solid flood data.

ICA will be consulted on future mitigation measures and joint research will be carried out.

GM Policy Risk and Disaster Karl Sullivan says the agreement is “epic – a tectonic shift in what people will know about on-the-ground risks in Queensland”.

The deal reflects trust built by the industry, plus increased education on the process of premium calculation, he told insuranceNEWS.com.au.

Shared access to the same “point of truth” will allow precise risks to be identified and introduce a new element of competition between insurers.

Premiums that have soared due to uncertainty will be brought down and, in the longer term, a “multi-decade” mitigation plan can be developed, Mr Sullivan says.

He concedes some consumers’ premiums could rise in a small number of cases because “there will be a risk exposed that was not previously known about”.

But he expects many areas in Queensland to follow the experience of the Tweed region in northern NSW, where the provision of up-to-date information led to a risk reduction for many properties.

Natural Resources and Mines Minister Andrew Cripps says that as a north Queensland MP he is “all too familiar” with severe weather.

“Under our agreement with ICA, the Department of Natural Resources and Mines will give insurance companies free access to all existing and future… flood mapping and elevation data,” he said.

“This will ensure premiums are calculated on the most up-to-date, accurate spatial data available.”