Insurance premiums in Roma would reduce by up to 70 per cent if a flood levee was built, according to a new analysis of insurance costs by Suncorp Insurance.
The analysis was conducted following the announcement by Qld Premier Campbell Newman of a $100,000 commitment to further progress the Maranoa Regional Council’s flood mitigation plans.
With the completion of evaluation work Suncorp looks forward to a $15million commitment of funds and a start date for major works. Natasha Fenech, Executive General Manager for Suncorp Insurance, said she was pleased with the proposed plans made by Council, and looks forward to them becoming a reality.
“The proposed mitigation measures will result in zero high flood risk properties and a 30% reduction in medium flood risk properties,” Ms Fenech said.
“Residents will also potentially see premium reductions of up to about 70%.
“Most importantly, Roma will become a safer place for residents with better community protection,” she said.
Following recent visits to Roma and meetings with the Maranoa Regional Council, Suncorp has reviewed engineering and hydrology reports supplied by council and remodelled the flood risk.
“It has been a challenging few years for the people of Roma, with residents enduring three devastating floods,” Ms Fenech said.
“We made the very difficult decision not to write any new policies until firm funding and timetables have been put in place for mitigation initiatives.
“The mitigation measures now proposed by Council are fully supported by Suncorp Insurance, as it will not only reduce the average cost of living in Roma but also save lives.
“The logic behind our decision is that it is far better to invest in preventing a disaster happening, than to spend more to have to clean up afterwards.”
“It is not fair that the people of Roma have to rebuild their lives year-in and year-out simply because the town isn’t properly mitigated.
“Introducing professionally designed and constructed mitigation measures will save a lot of heartache. Residents will no longer have to worry about whether the next big storm, or the next wet season, will see their lives destroyed once again,” she said.
Suncorp Insurance will continue to work with Maranoa Regional Council and all levels of Government to see the proposed flood mitigation measures developed, and will continue to review new policies and premium prices as the plans progress.
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For further information:
Marcus Taylor - Corporate Affairs Manager Ph: 07 3135 3782 Mob: 0459 824 504
Melissa Cronin - Communications Advisor Ph: 07 3135 3996 Mob: 0467 709 299
