RACQ Group Executive Insurance Tracy Green said the report was an important resource for the industry and policy makers to help explain the growing risk of cyclones and their impact on Queensland properties to the broader public
“The report found the total cost of tropical cyclones in Australia since 1967 has been $23 billion and it’s likely climate change will make cyclones more severe in the future,” Ms Green said.
“Australia needs insurance to be sustainable and affordable and this report complements the growing amount of evidence that investment in resilience and future-proofing our assets is long overdue.
“In the long run, money spent on prevention will be far less than the costs to repair the potential damage if homes are hit by severe weather.
“RACQ rewards members who take action to make their homes more resilient by adding protection such as roof strapping or cyclone shutters with a discount on their home insurance as we’ve seen how these measures can protect homes and lives during wild weather.”
Ms Green said RACQ had long supported the need for more resilient homes, particularly in the north, as this would reduce the financial pressure on many Queensland families.
“We support the ICA’s call for Federal and State Governments to establish long-term funding mechanisms to support the development and expansion of household resilience schemes, such as the North Queensland Household Resilience Program,” she said.
“We also support the call for changes to Australia’s National Construction Code, so homes are built to a higher standard that better protects property and human life from worsening extreme weather events.
“Improvements need to minimise loss as well as other impacts both economic and social, including the human cost like trauma and displaced families.
“Many modern houses aren’t resilient to the tropical cyclone hazard of today and unless significant changes are made to both the design method and criteria for new homes, the impact of these events in Australian communities will only become more severe.”