A low-cost retrofit program could better protect homes in North Queensland against cyclones and reduce both insurance claims and costs. That’s what Urbis found in the groundbreaking Build to Last report.
Suncorp estimates that cyclones cost the community $632 million a year. It commissioned Build to Last to examine cost-effective ways to minimise cyclone damage, partnering with Urbis and James Cook University (JCU).
Urbis led the report’s economic analysis, examining three mitigation options proposed by JCU. It produced benefit–cost ratios for each option, which were applied to both newer and older homes. Urbis found that a simple preventive measure such as roof strapping would pay for itself after just one cyclone.
The report’s findings were put to the Northern Australia Insurance Premiums Taskforce as part of Suncorp’s submission. The practical, low-cost steps it recommended will help reduce cyclone damage and contribute to safer and better prepared communities.
“Build to Last sets out practical, low-cost steps that will help reduce cyclone damage in North Queensland and contribute to safer and better prepared communities.