Suncorp has won a Canstar innovation excellence award for its work to reduce cyclone damage and bring down premiums in Far North Queensland.

The insurer worked with James Cook University to create the Cyclone Resilience Benefit – a 20% discount on premiums for homeowners who upgrade properties to protect against cyclone damage.

Suncorp and James Cook’s Cyclone Testing Station examined insurance claims from previous cyclones to identify where vulnerabilities lie and how they can be minimised.

The Cyclone Testing Station then gave homeowners options on retrofitting and safeguarding their homes, from roofing support to cyclone shutters and reinforced garage doors.

A Suncorp report found that for every dollar spent retrofitting, the community would save $3. Strapping on roofs could save the community up to $12 for every dollar spent.

“The Suncorp Cyclone Resilience Benefit is an industry-leading innovation to improve resilience across northern Australia,” Canstar said. “This benefit and its associated strategy is an investment that could create enormous community benefits that keep people safe, make insurance more affordable, create jobs, and grow the economy.”