Suncorp’s blow for the North
ONE of the nation’s biggest insurers is challenging its rivals with an industry best-practice approach to mitigating storm damage by rewarding homeowners who strengthen their homes.
Suncorp announced its Cyclone Resilience Benefit program last week, promising discounts of up to 20 per cent, which can amount to $600 a year off people’s total premium.
“We believe the best way to protect the North is to help people protect themselves by mitigating before an event occurs rather than after an event occurs,” Suncorp Insurance CEO Anthony Day said.
“We have a very large marketshare up here in North Queensland and it’s very important to us and we’ll continue to invest up here and protect homeowners in North Queensland.”
Suncorp funded research at James Cook University’s Cyclone Testing Station to assess claims from Cyclone Larry in 2005 and Cyclone Yasi in 2011.
The research found that older homes were more prone to damage and that upgrades to roof structures, particularly tying down battens, trusses and rafters to wall frames, could greatly reduce damage.
Mr Day said Suncorp had recognised newer homes were stronger and had reduced their premiums. He said newer home would still get discounts for measures such as maintenance.
“Older homes will get bigger discounts if they upgrade their roofs and the shutters on the windows and other items ... because they need it and because they are more risky,” Mr Day said.
Brian, Jack, 16, Celeste, 29, and Tracy Thomas have taken advantage of Suncorp Insurance launching its Cyclone Resilience Benefit.