Townsville Bulletin 3rd March ANOTHER insurer has stepped up to cut premiums for homeowners in North Queensland who upgrade their properties to better withstand ­cyclones. Suncorp will announce its Cyclone Resilience Benefit policy today providing up to 20 per cent premium reductions, similar to an initiative announced by the RACQ last month. The move follows years of public outcry over steep increases in premiums which have been found by the Federal Government actuary to be an average of more than twice those paid by people in Sydney and Melbourne. Suncorp’s Cyclone Resilience Benefit is available in Rockhampton and north in communities along the coast including Mackay, Townsville and Cairns. Suncorp Insurance CEO Anthony Day said customers could now report improvements made to their homes, over the phone or online, and expect a premium reduction. “The level of reduction will vary. For a pre-1980s home in an area assessed as having the highest cyclone risk we could see some reductions of up to $600 off a $3000 Suncorp premium, if the owner has undertaken the full range of improvements such as fixing old roofs and covering windows,” Mr Day said. “Suncorp Bank is also helping eligible customers, offering them reduced-rate personal loans to carry out the upgrades.” Mr Day said with insurers rewarding cyclone-resilient homes, there was an opportunity for government to sponsor a home retrofit program that would help create jobs and make the economy more ­resilient. “Prevention is always better than cure, and mitigation is better than rebuilding and recovering,” he said. “More mitigation would help drive great community benefits like keeping people safe, creating jobs and growing the economy.” Mr Day said for every dollar spent on retrofits, the community would save up to $13. Some low-cost retrofits will even pay for themselves after only one category four cyclone. “There’s a growing chorus of inquiries calling for a greater mitigation effort and we should be acting now rather than waiting for another cyclone to hit,” Mr Day said. “That way, we can start reducing now the $10 billion annual damage bill that natural disasters are expected to cost Australia by 2023.” Mr Day said Suncorp had funded research with Townsville’s Cyclone Testing Station which found older homes were more prone to damage. He said premium reductions would be provided where homeowners could show they had undertaken steps including an upgraded roof, deadbolt locks on external doors, window protection and bracing of roller doors and sheds.