Insurance Australia Group has likened the lack of adequate flood mapping to a national infrastructure problem, with many home owners unable to secure flood cover because of the state of existing data, according to the Sydney Morning Herald.

Speaking to the Sydney Morning Herald after announcing a well-flagged interim result that had dropped by more than half to $161 million, IAG chief executive Mike Wilkins said that without accurate data it was difficult for insurers to price for risk.

"Flood mapping is a national infrastructure responsibility,” Wilkins told the Herald.

Recent floods and other natural disasters in Queensland have highlighted the inadequacy of digital mapping in Australia’s coastal regions.

Spatial models built in Australia over the past 15 years use various different models and are fragmented in design and coverage.

The Federal Government has offered to share the costs of mapping with the insurance industry, but many feel that funding is the government’s responsibility.

The Spatial Industries Business Association this month called on the Federal Government to urgently upgrade and co-ordinate Australia’s spatial data network.

SIBA wants sponsorship of a hybrid industry / public service taskforce to provide the necessary resources and co-ordination in developing a more holistic model.

The body estimates a model of Australian coastal areas could be produced for as little as $100m.