ICA welcomes 'significant milestone' in disaster mitigation

ICA welcomes 'significant milestone' in disaster mitigation | Insurance Business Australia

ICA welcomes 'significant milestone' in disaster mitigation
James Cook University has been tapped to develop and implement the Strata Title Inspection Scheme – a move welcomed by the Insurance Council of Australia (ICA).

The scheme, part of government efforts to reduce insurance prices for North Queenslanders, is aimed to boost pre-disaster mitigation and build the disaster resilience of Queensland communities by informing owners of strata title properties about their properties' resilience to extreme weather events.

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“While post-disaster relief plays an important role to support those in need during the aftermath of a natural catastrophe, more needs to be done on pre-disaster mitigation to build strength and resilience within communities,” said Kelly O’Dwyer, minister for Revenue and Financial Services. “That is why the government has been working with the Queensland government to improve the information available to owners of strata title properties about a property’s susceptibility to weather damage, and ways to make properties more resilient.”

ICA CEO Rob Whelan said the scheme was a significant milestone for pre-disaster mitigation and for improving resilience, and that "investing in these measures is the only way to reduce strata premiums on a sustainable basis.”

"In the aftermath of Cyclone Debbie, the message is clear: communities in disaster-prone areas need investment in permanent, well-designed mitigation solutions,” Whelan said. “Where these solutions are not in place or poorly designed, insurers have to price the risk of these events, resulting in higher premiums.”

The ICA head also urged the government to reconsider the $200m annual disaster mitigation funding recommended by the Productivity Commission.

"This should be treated as nation-building infrastructure,” he said. “It will help protect vulnerable communities and ensure their survival and prosperity for generations."

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