Steadfast launches flood risk tracker tool

Steadfast launches flood risk tracker tool | Insurance Business

Steadfast launches flood risk tracker tool

Steadfast Group (Steadfast) has launched a new flood risk tracker tool to help communities understand climate change risks and insurance needs.

Steadfast developed the new tool to assess the likelihood of a specific address flooding, either business or domestic from coastal or river flood. Residents or business owners who want to use the new tool can enter their home or business address to see the results for coastal or river flood, which will show the subsequent exposure hazard at the premises.

Steadfast Group managing director and chief executive officer Robert Kelly said the devastating impact of the 2021 March floods in Australia highlighted the significance of providing access to tools that could help people assess if they are in a flood-risk zone.

“We are pleased to be launching the Flood Risk Tracker Tool for all communities across Australia, so businesses and consumers can better understand their risk and insurance needs. None of the locations detail will be kept by Steadfast nor will anyone who uses the tool will be contacted by a Steadfast network broker,” Kelly said.  “We have produced this tool free of charge to consumers in order to better educate them on the risk of flooding.”

According to the Bureau of Meteorology, the La Niña season that contributed to the severe flooding in New South Wales and Queensland is officially over. However, the bureau expects above-average rainfall to continue from now until June for the northern parts of Australia.

“Floods can be extremely unpredictable and destructive. They can happen anywhere in Australia from flash flooding to overflowing rivers, creeks, or the ocean, and things can change very quickly,” Kelly said.

“With this in mind, people need to remain vigilant when severe weather is forecast and understand the simple steps they can take to help prepare for flooding. It's also important to understand how their insurance cover could respond in the event of weather events caused by La Niño and El Niño, such as fire, flood, and cyclones.

“If you find your home or business premises are in a potential flood risk zone, it's important to talk to your insurance advisor to ensure you are adequately covered.”