New mapping released by the City of Gold Coast shows 88,000 additional properties will be at flood risk in a "worst-case" weather scenario, prompting concerns over insurance premiums.
Chair of the planning and environment committee, Councillor Cameron Caldwell, said flood risks were inherent and people needed to be proactive.
"The Gold Coast is a city that's built on flood plains. It's no good burying your head in the sand," he said.
"If your property is at high risk, then it may be the case that you need to take steps to ensure that you're mitigating that risk.
"As a city, we want to make sure that future development is resilient to weather events … we want to make sure that we're delivering infrastructure in the right locations."
The Insurance Council of Australia's (ICA) chief executive Andrew Hall said the trajectory of climate risk was "only going in one direction".
"Unless more is spent on risk and mitigation measures for exposed communities, like the Gold Coast, there will be only but upward pressure on insurance premiums," he said.
Improved infrastructure and stormwater management could better protect some properties, Mr Hall said.
"Generally, what we're seeing is there are some homes that can benefit from being raised," he said.
"Some homes can be better protected through flood levies, stormwater drains, dredging of canals and rivers to allow water to get away faster."
New flood risks identified
Council's new risk-awareness map has been designed to guide future planning decisions and to outline longer-term risks for residents.
The modelling includes climate change factors like rising sea levels, increased storm surges and intensified rainfall.
Under this mapping, about half of the Gold Coast's 275,000 properties are now rated on a scale from extremely low to very high flood risk.
According to a report being presented to the council later this month, the risk-awareness mapping has been informed by "new flood modelling software and industry best-practice methodologies" resulting in "the most accurate flood information the city has developed to date".
But Cr Caldwell said it meant 88,000 properties, previously not included, have been identified as being at risk of flooding, even if minor.
"This doesn't change the weather events and it doesn't change the hazard, what it does is informs residents of what the existing hazards are for their property," he said.
Mr Hall says insurance premiums are priced annually but a "medium to long-term discussion" is needed about planning and developing houses in relation to flood risk.
"Where are the areas that shouldn't have been developed — that should never now be developed?" he said.
"Those areas that have been developed; what can we do to better protect them?"
Insurers on notice
In 2018, the ICA requested that the council provide flood mapping that did not take into account longer-term climate change factors like sea-level rises and storm surges.
This is different to risk-awareness mapping.
Mr Hall said this request was made to get all local governments "up to a certain standard".
"Insurers generally are looking at the here and now — the current risks," he said.
"This map would obviously go into that arsenal of information they'd be able to use to price properties."
Cr Caldwell said the map would guide insurers in setting yearly premiums and ensure Gold Coast residents could hold their insurer to account.
"What we've done is provide a snapshot of what the likely event is going to be in the next 12 months," he said.
"We want to make sure there's no price gouging as a result of these maps being produced.
"We want to make sure that Gold Coast residents shop around and get the right price for their insurance premiums."
Mr Hall says insurance companies have different appetites for risk that is based on their own flood modelling and that there is "simply no evidence" of gouging.
"Insurers are not making money at the moment," he said.
"It's $13.5 billion in claims since the [2019-20] bushfires.
"This year alone, $5.5 billion of insured losses have so far been registered with the floods.
"It is the case that insurance is very much carrying the burden of extreme weather in Australia and we need to make sure it remains viable."
