Suncorp Group CEO Patrick Snowball has declined to speculate on suggestions that insurance premiums in Queensland could rise by 30%, but says more work needs to be done on risk mitigation.

In an interview on the ABC’s Inside Business program on Sunday he batted down suggestions that premiums will rise as a result of Cyclone Yasi and widespread flooding in the state.

He says the reinsurance exposure to the Queensland disasters has “not been that great” compared to NZ’s Christchurch earthquake.

The global reinsurance market is driven by hurricanes in the US and if they didn’t happen every year it opens up capacity elsewhere. (This has been the case this year, with the Atlantic hurricane season relatively benign.)

Mr Snowball says although some statisticians may say the back-to-back flood and cyclone events were one-in-100-year events, the impact of global warming still needs to be taken into account.

And he says insurance companies have a lot to contribute when it comes to advising governments.

“We have to take into consideration what the risks are and what we can do to mitigate those risks,” he said. “An example of this has been the introduction of cyclone-proof standards for houses in North Queensland.”

One Suncorp customer in whose home was replaced after Cyclone Larry has reported to the insurer that his new home was not damaged by Cyclone Yasi.

“I guess over a period of time every house in North Queensland is going to have that type of protection,” Mr Snowball said. “That is an example of risk mitigation, and that is just as important as insurance premiums.”