A few weeks ago, I came across this article from the Australian news site ‘news.com.au’ entitled: ‘Bad maps reason for lack of flood insurance.’
It reports on how an Australian company was unable to offer some Queenslanders flooding insurance because the mapping available to them lacked detail and accuracy.
Insurance Australia Group Chief Executive Michael Wilkins is reported as saying: “Had better quality flood maps been available more insurers would have offered flood insurance in Queensland,”
“Basically, flood mapping data is the province of local councils and some of those councils simply don’t have the data available to them or have been unable to provide that information to the industry.”
“Without that information we can’t assess the risk and hence can’t price the risk.”