Suncorp welcomes APRA’s call for greater focus on disaster mitigation
Leading insurer Suncorp is pleased to see the Australian Prudential Regulation Authority (APRA) back its stance for natural disaster mitigation as the best way to deliver meaningful change to the affordability and availability of insurance in northern Australia.
The Australian Competition and Consumer Commission (ACCC) is currently investigating a range of measures that may help to address insurance affordability as part of the Northern Australia Insurance Inquiry.
Suncorp CEO Insurance Gary Dransfield said: “APRA agrees with Suncorp’s position that natural disaster mitigation funding is the only way to sustainably improve affordability of insurance in the region.
“To ensure a lasting impact on insurance premiums we need to address the underlying cause of high insurance costs in the area, which is the frequency and scale of natural disasters. Other options being explored through the inquiry may address affordability in the short term, however they will do nothing to improve this risk.
“Our position has been consistent for many years and it has been echoed by countless inquiries.
“Lower the risk, lower the cost.”
Suncorp has long advocated for practical measures to help better protect communities that face significant natural hazard risks. The only way to lower insurance costs, create jobs, grow the economy and make communities more resilient is to mitigate the risk of natural disasters.
Suncorp’s latest submission to the ACCC Northern Australia Insurance Inquiry is available at: https://www.suncorpgroup.com.a...