Suncorp and RACQ have entered into a partnership with the Queensland $741 million resilience program, allowing policyholders to access funds to build back better at the same time as insurance repair work required after recent catastrophes is completed.

The Resilient Homes Fund, backed by the state and federal governments, was announced in March and includes buybacks and assistance to incorporate flood resistant design and materials in homes, or to raise properties.

Suncorp CEO Steve Johnston says the insurer has selected 20 flood-impacted customers as test cases ahead of a wider roll out, with the program highlighting the importance of governments, insurers, customers and communities working together to protect against the increasing threat of natural disasters.

“We all have a critical role to play when it comes to being better prepared for and protected against severe weather and it’s good to see progress being made on this front,” he said.

“Hopefully we can see this program act as a blueprint for other states given the widespread impacts of natural disasters on people and communities across the nation.”

RACQ CEO David Carter says the program is a bold, new initiative that has required collaboration across government and insurers to ensure a practical and streamlined implementation.

“Together, we have developed a process to ensure retrofit resilience works can be carried out on a home in parallel with a claim being progressed,” he said.

“Ensuring a positive member experience is our key priority, and we will be working closely with our eligible members to ensure a seamless inclusion of resilience upgrades into their claims process.

Queensland Public Works Minister Mick de Brenni says the government will continue to work with the insurance industry and the Insurance Council of Australia to streamline the funding process for impacted homeowners.

“The partnership will enable us to rapidly test and refine a process to ensure we can deliver quality outcomes and value for money before a broader rollout,” he said.

“We’re also continuing to talk to a number of other insurers which had also indicated a willingness to help deliver the program.”