Insurance Australia Group (IAG) has responded positively to a joint funding initiative by the Commonwealth and Queensland governments.
The governments have pledged $60 million to fortify strata properties in North Queensland against severe weather damage.
The newly launched Strata Resilience Program (SRP) is designed to financially aid owners of strata title properties in implementing a series of cyclone-proofing actions. These enhancements include reinforcing roofs and improving the durability of external features like doors, shutters, and screens.
The program promises to subsidise 75% of the expenses for approved enhancements, capping the support at $150,000 (including GST) for each strata building.
Nick Hawkins, CEO of IAG – which recently mobilised its support network in response to the devastating storms in the east coast – emphasised the significance of these investments, pointing out the necessity of such measures in light of more frequent severe weather events.
“With the increasing frequency of severe weather, it’s critical we continue to invest in mitigation and resilience initiatives to make properties and communities in high-risk areas safer and better protected,” he said. “Reducing the level of risk at a property level has the flow-on benefit of putting downward pressure on insurance premiums.”
He also commended the move to strengthen strata communities through the SRP and similar schemes, aiming to provide lasting protection from severe weather impacts for communities in North Queensland.
The SRP is slated to begin accepting applications from property owners in the upcoming months.
