Effective April 1, 2025, regulatory updates to the Cyclone Reinsurance Pool allow eligible strata buildings to receive insurance premium reductions when undertaking approved mitigation activities. These activities include structural reinforcements such as storm-resistant windows, upgraded roofing, and compliant external doors.
In conjunction with these updates, the $40 million Strata Resilience Program has been launched, jointly supported by the federal and Queensland governments. This program offers grants covering up to 75% of the costs for cyclone mitigation measures, with limits set at $15,000 per residential lot and $150,000 per strata scheme. Funding is shared across all stakeholders: the federal government contributes 50%, the state government up to $20 million (25%), and the remainder is covered by property owners.
Industry experts highlight that these initiatives not only reduce insurance costs but also improve building resilience to cyclones. Strengthening properties leads to fewer claims, which in turn results in lower premiums. Additionally, past programs of this nature have stimulated regional employment through demand for local contractors and building services.
Strata property owners are encouraged to assess their buildings' current resilience and consider applying for these programs to enhance safety and achieve potential cost savings.
