Mitigation funding to improve insurance affordability


News

Suncorp will continue to offer insurance premium reductions and low-interest loans to encourage North Queenslanders to strengthen their homes against cyclones alongside the Queensland Government’s Household Resilience Program.

Welcoming the launch of the Government’s $20 million program to help home owners retrofit their properties, Suncorp Insurance CEO Gary Dransfield said the company had long advocated for investment in cyclone mitigation measures to make communities safer through its Protecting the North initiative. 

“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,” Mr Dransfield said.

“For the first time, we have a Government that is addressing the core of the problem, not just a band-aid solution. 

“Research from James Cook University’s Cyclone Testing Station shows stronger buildings are the answer to north Queensland’s cyclone challenges, and we encourage the Federal Government to follow suit.

“Not only is mitigation helping to address insurance affordability, it will also assist with job creation and growing the economy in the region.”

The Government’s Household Resilience Program will fund 75 per cent of the costs required to improve the cyclone resilience of pre-1980s buildings, up to a maximum payment of $11,250.

This complements Suncorp’s Cyclone Resilience Benefit that rewards customers in North Queensland with insurance premium reductions of up to 20 per cent for making their homes more cyclone resilient. 

“We launched our Cyclone Resilience Benefit just over two years ago and more than 40,000 customers have signed-up and are receiving a reduced premium,” Mr Dransfield said.

“This is a major milestone and shows customers are taking action, and being rewarded, for making their homes stronger.  

“The funding from the Government is great news for our North Queensland customers, who can double-down on savings by combining this with our insurance premium reductions.”

Suncorp will also continue to offer a no-fee, low interest rate personal loan, designed to help finance the costs of mitigation improvements. Customers can apply in-store or over the phone. 

“This isn’t just about cheaper insurance – it’s about providing peace of mind for home owners and reducing the destruction and heartache caused by cyclones,” Mr Dransfield said.