IAG welcomes the Queensland Government’s renewed Household Resilience Program
19 May 2020
IAG, Australia’s largest general insurer, has welcomed the Queensland Government’s announcement of a renewed Household Resilience Program to help residents in cyclone affected areas improve the resilience of their homes.
The Queensland Government’s extension of the Program includes an additional $11.25 million in funding and a Federal Government commitment of $10 million.
IAG CEO Australia Mark Milliner said this will build on the success of the initial Program in helping to strengthen communities in cyclone-prone areas, while delivering additional benefits such as supporting local trades and reduced insurance premiums.
“We know communities in Queensland are particularly vulnerable to devastating natural disasters such as cyclones, and the extensive financial, physical and social impacts can last for many years,” Mr Milliner said.
“By helping households to invest in making their homes more resilient, we’re creating stronger, more confident communities one house, street and suburb at a time.
“This will ultimately mean we will be better able to withstand and recover from natural disaster in the future.
“We welcome the renewed investment in this Program from the Queensland and Federal Governments, and we look forward to continuing our support for our customers who invest in making their home, and community, more resilient into the future, with premium reductions to reflect their lower level of risk.”
IAG is a founder member of the Australian Business Roundtable for Disaster Resilience & Safer Communities (the Roundtable).
The Roundtable’s 2017 report, Building Resilience to Natural Disasters in our States and Territories, found the total costs of natural disasters in Australia are forecast to hit $39 billion per year by 2050.
This followed the Roundtable’s 2016 report Building Resilient Infrastructure which found that between 2002-3 and 2010-11, more than $450 million was spent each year by Australian governments to restore critical infrastructure after extreme weather events. This equates to about 1.6% of total public infrastructure spending. In addition, it is estimated that $17 billion (in net present value terms) will be needed to directly replace critical infrastructure between 2015 and 2050 due to the impact of natural disasters.
For more information, visit the Australian Business Roundtable for Disaster Resilience & Safer Communities website.