Suncorp welcomes $50m boost to disaster mitigation and resilience building
Leading insurer Suncorp has welcomed the $50 million boost to disaster mitigation and resilience building contained in the Emergency Response Fund Bill 2019 that passed Federal Parliament today.
Share
Leading insurer Suncorp has welcomed the $50 million boost to disaster mitigation and resilience building contained in the Emergency Response Fund Bill 2019 that passed Federal Parliament today.
Suncorp spokesman Joshua Cooney said: “As many reports and inquiries have found, Australia has been playing catch up in protecting individuals and communities from the increasing risks and devastating impacts of natural disasters. This additional $50 million must be allocated to priority projects in high risk areas so that residents, businesses, communities and economies are protected.
“Effective investment in economic infrastructure that reduces the impact of natural disasters will result in stronger economies, safer communities, and will reduce cost of living pressures through lower insurance premiums.
Suncorp spokesman Joshua Cooney
This is a positive step in building our country’s resilience and will help many Australians living in dangerously exposed areas across the country, including north Queensland.
Suncorp would welcome the opportunity to work with the Federal Government and other stakeholders to help prioritise projects.
The Productivity Commission first exposed Australia's poor track record on funding disaster mitigation improvements in 2014. It revealed 97 per cent of disaster funding is spent on recovery and rebuilding while just three per cent is spent on increasing resilience and disaster prevention. It recommended investing at least $200 million a year in mitigation and resilience projects, to be matched by the states and territories.
Last month the Australian Prudential Regulation Authority (APRA) echoed Suncorp’s calls by recommending a substantially greater investment in natural disaster mitigation to keep general insurance available and affordable in northern Australia.
Suncorp’s submission to the Emergency Response Fund Bill 2019 is available here.
