The Insurance Council of Australia (ICA) is the representative body for general insurers in the Australian market. A key aspect of the ICA mission is to assist the industry to provide insurance products to individuals and businesses that help with recovery from disaster.
The primary purpose of the ICA DataGlobe is to provide a communications resource for the ICA and member companies that are involved in dialogue with the community and governments about the relationship between the cost of insurance cover for individuals and their exposure/vulnerability to natural perils.
The DataGlobe provides visualisations of collected hazard data (Earthquake, Bushfire, Flood, Cyclone, Hail, Storm etc) that can be used to provide a meaningful insight into natural perils, risk-based insurance premiums and the mitigation measures that may reduce the impacts of disaster in specific locations.
Visualisations for some areas highlight the successes of mitigation and improved access to government data in helping to adjust risk-based insurance premiums.
The secondary purpose of the DataGlobe is to provide a simple mechanism for insurance company experts to access the raw hazard data collected by the ICA on their behalf. Hazard-related data produced by governments and agencies remains the most relevant source of hazard data for the insurance industry.
Local and state governments can help constituents, by providing access to the most up-to-date hazard mapping that they hold for emergency response and development control purposes. This mapping can help insurers to fine-tune premiums for individual policyholders.
The ICA acts as a conduit for any government or agency that wishes to ensure that the insurance industry is able to reference the best available hazard data for its region. Raw data provided through this process is made available to all member companies of the Insurance Council.
If you control hazard data that you believe the insurance industry is not taking into account, please make contact with the Insurance Council.