Palaszczuk Government invests to lower cost of insurance in northern Queensland

The Palaszczuk Government has made $10 million available to eligible councils for projects to reduce disaster risk in northern Queensland.

Deputy Premier and Minister responsible for the Queensland Reconstruction Authority Steven Miles said the aim of the $10 million North Queensland Natural Disasters Mitigation Program was to fund projects that will help reduce the cost of insurance in North and Far North Queensland.

“This funding could be for projects including physical mitigation works such as drainage systems that reduce disaster risk as well as studies or investigations to support a better understanding of a community’s risk including floor height surveys and flood mapping. 

 “North and Far North Queenslanders face many challenges from Mother Nature and this is an opportunity to reduce those impacts while also making insurance more affordable in their communities.

“The Queensland Government is committed to making our communities safer, stronger and more resilient and this innovative program is another example of that commitment,” he said.

“The projects themselves will also create jobs and contribute to local economies, supporting Queensland’s Economic recovery plan.”

Mr Miles said local governments in Queensland coastal communities from Bundaberg to the Northern Territory border would be able to apply for grants through the $10 million program.

“Insurance Council of Australia modelling suggests that in Townsville and Cairns alone, reducing flood risk through permanent mitigation measures could reduce insurance premiums by up to 21 per cent.

“With close to 90 natural disasters over the past decade, Queensland gets hit harder than any other state in the country. Unfortunately, over that period some insurance premiums have skyrocketed making insurance unaffordable for some of our most vulnerable communities, particularly in the north and far north.

The Queensland Reconstruction Authority will administer the $10 million North Queensland Natural Disasters Mitigation Program. 

The program is expected to open for applications in late 2021, with projects to be delivered by December 2023.

For more information on the QRA’s resilience activities and initiatives go to www.qra.qld.gov.au/resilience

ENDS

Media contacts:  Katharine Wright – 0428 957 903 / Amy Hunter 0423 651 484