Queensland has launched a $20 million cyclone mitigation initiative to upgrade at-risk properties built before 1984, earning applause from the insurance industry.
Suncorp and the Insurance Council of Australia (ICA) have welcomed the Household Resilience Program, which acts on a re-election pledge made by Labor at last November’s state poll.
“For the first time, we have a government that is addressing the core of the problem, not just a Band-Aid solution,” Suncorp Insurance CEO Gary Dransfield said.
“Mitigation is the best way to help north Queenslanders protect themselves, their loved ones and their homes against cyclones.
“At the same time, a stronger home means a lower risk, and therefore cheaper insurance for customers.”
The program will fund 75% of the work required to improve a home’s resilience, up to a maximum of $11,250. It applies to homes in a defined cyclone-risk area.
“The Queensland Government should be recognised for this,” ICA GM Risk Karl Sullivan said in a LinkedIn post. “It’s now up to underwriters to establish what premium reductions can be delivered once an older property is upgraded to become more cyclone-resilient.”
For more details on the program, click here.