This announcement comes after Suncorp released its public policy paper, Affordable and Resilient Private Housing Supply, at the insurer’s Future Housing Roundtable in Canberra last October.

Suncorp’s roundtable brought together leaders from insurance, housing, and government to develop practical solutions to build affordable homes better equipped to withstand extreme weather events.

Suncorp CEO Steve Johnston said the proposed Climate Change and Natural Hazards State Environmental Planning Policy (SEPP) represents a significant step forward in building resilience to extreme weather across NSW and sets a new national benchmark for climate-responsive planning.

“We have seen the results of fragmented legislative and regulatory frameworks lead to a concerning number of new homes being approved in floodplains, bushfire-prone areas and coastal regions exposed to inundation," Mr Johnston said.

“We commend the Minns Government for taking action to deliver more sustainable and climate-resilient housing across the state.”

Mr Johnston said past decisions to allow unsuitable construction in floodplains and bushfire-prone greenfield sites were directly contributing to cost-of-living pressures for homeowners.

“Insurers are dealing with the fallout. In the past five years alone, insured losses in Australia from extreme weather have reached an estimated $22.5 billion — up 67 per cent from the previous five-year period — and the risks continue to rise,” Mr Johnston said.

"When thousands of homes are built in high-risk areas, higher insurance premiums and greater financial exposure for households and the government are the inevitable result. This is why it is essential to factor climate and natural hazard risk into new housing approvals.”