Customer policies received premium reduction from Cyclone Resilience Benefit
Developed Natural Hazard Resilience Strategy to expand product and customer solutions to reduce risk
Each year, communities along Queensland’s northern coastline brace themselves for storm and cyclone season. Suncorp believes that with planning and preparation, the risk is reduced, and homes and communities are safer.
Our Protecting the North program aims to reduce the damage cyclones can cause to houses, as well as making insurance more accessible with new, innovative products and features. We partnered with the Cyclone Testing Station (CTS) at James Cook University (JCU) and Urbis to analyse insurance claims data so we can better understand cyclone vulnerabilities in homes, and what we can do to make them stronger.
older homes in north Queensland may not be up to cyclone standard
claims involve damage that could be prevented by planning and preparation
in benefits can be achieved for every $1 invested in resilience depending on retrofit undertaken
Already as result of Protecting the North, more than 40,000 policyholders have reduced home insurance premiums from various resilience improvements, more than 1,200 residential buildings in north Queensland have cheaper insurance policies with resilience features, and the concept of stronger, retrofitted homes as a form of mitigation is becoming recognised in Government policy-making at all levels.
#Our Protecting the North programs include:
Recognising cyclone mitigation work
Our research shows that simple, low-cost mitigation can pay for itself after just one cyclone. Our Cyclone Resilience Benefit rewards customers in North Queensland with premium reductions of up to 20 per cent for making their homes more cyclone resilient.
Suncorp Strata Insurance
Our strata insurance product provides cover for small residential strata titled properties, community titled properties or residential properties associated with a body corporate or owner’s corporation (up to 10 units or $5 million sum insured).
Affordable insurance for low income earners
Suncorp teamed up with Good Shepherd Microfinance to offer low-income earners with contents and motor cover from as little as $4 a week. The award-winning Essentials was created to provide better access to affordable, easy-to-understand products via a trusted network of providers.
Affordable finance options
Suncorp provides a no-fee, low-interest bank loan designed to help North Queensland customers finance mitigation improvements made to their homes to make them more resilient to cyclone damage. The new low-cost personal loan features an interest rate of 4.99 per cent per annum and Suncorp waives all establishment and account keeping fees