New technology that can identify building elevation could lead to premium reductions and more accessible cover for properties in flood-prone areas.

First Floor Elevation, developed by Geoscape, has identified as “likely safe” 720,000 buildings assumed to be at flood risk.

Geoscape – owned by the Commonwealth, states and territories – has trialled the technology with a bank and cites Suncorp as saying it “massively changes flood ratings” for the insurance sector.

The FFE tool, part of Geoscape’s enhanced National Buildings data set, uses AI-driven aerial and ground imagery to calculate whether an individual building is at risk from flooding.

It compares habitable ground-floor elevation with local flood predictions.

When combined with existing flood-level mapping, FFE delivers more accurate risk assessment and decision-making, Geoscape says.

The technology will enable Australia to move beyond postcode-level decisions about building-level risk, according to CEO Dean Capobianco.

“The enhanced National Buildings data set provides a precise view of where risk sits, resulting in better decision-making for households and communities,” he said.  

Geoscape partnered with global flood risk expert JBA to model the FFE data on a study of 571,000 flood zone buildings across the country.

It reported a 24% reduction in the number of “at-risk” properties – or 720,000 buildings – due to higher ground-floor elevation. Estimated average annual flood losses were reduced by 47%. 

Broker Aon’s head of risk advisory in Asia-Pacific James Knight says ground-floor elevation gives insurers and financial institutions a better understanding of potential flood damage. 

“Buildings identified to have considerably elevated ... levels may see improvements in the accessibility and affordability of flood cover in insurance policies,” he said.