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  1. ICA reports on flood risk in Western Australia, New South Wales, Queensland, and Northern Territory.

Aon announces new technology for potential flood premium reductions in Australia

1 report, 1 independent Updated Oct 1
AI-generated briefing. Brind wrote this from the reports listed below. It can be wrong. Each section says how much you can rely on it, and the sources are linked so you can check.

What happened

Some supportReported by 1 outlet

Aon plc announced that new technology could potentially reduce the flood component of property premiums by more than half for 13 per cent of properties in flood zones. This potential reduction is based on using measured first floor elevation instead of the height insurers currently assume. The announcement was made in September, with the technology release projected for January 2027.

From insurancebusinessmag.com

Why it matters

Some supportBrind's analysis of the reports

The new technology allows carriers to evaluate and test a more sensible risk-based cost for flood premiums. If successful, this process would allow insurers to incorporate more accurate risk data into their underwriting and pricing processes.

Insurance Council of Australia reports track flood risk across Western Australia, New South Wales, Queensland, and Northern Territory.

From insurancebusinessmag.com

Who's involved

  • Aon plcIssued the announcement regarding the new flood premium technology.
  • QueenslandThe state where housing difficulties and flood risk are being addressed.

Who could feel it

Possible knock-on effects

These are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.

  • QueenslandSpeculative

    Properties in Queensland might see changes in flood premium costs due to the new risk assessment tools.

Keep exploring

Part of

ICA reports on flood risk in Western Australia, New South Wales, Queensland, and Northern Territory. All 1 developments

The entities involved

Coverage

Newest first; wire copies grouped