Using the openly available G-NAF, IAG has become the first insurer in Australia to release a national dataset containing a view of flood risk across Australia; to enable customers to assess their level of financial risk due to flooding.
IAG has done this as the insurance industry is uniquely positioned to relate physical hazards to financial risk through its exposure and claims data.
Problem: Insurance customers can underestimate their exposure to flood risks and not have appropriate insurance cover.
Solution: The IAG Flood Risk Dataset can inform insurance choices based on risk probabilities. It uses a combination of IAG modelling, industry sourced data, and local and state government data.
The risk is based on two factors, how severe the flooding is and how often the property is likely to be flooded. The High, Medium and Low risk bands describe the financial risk.
This information is best used to identify regions where residential communities are exposed to flooding. The dataset assesses flood risk for 88% of all addresses nationally.
The openly available G-NAF provides an property level dataset to estimate and communicate flood risk for all Australian addresses. The Administrative Boundaries dataset, in particular the LGAs, provide convenient boundaries to aggregate and compare flood risk across areas.
IAG is informing the general public on flood risk at their property and their surrounding communities by:
- improving awareness of flood risk to property owners and communities;
- improving the communication of risk and coordination between the general public, government agencies and industry;
- inviting new innovations in the communication and visualisation of risk; and
- increasing community resilience by ensuring customers have appropriate levels of insurance.