Outgoing Suncorp CEO Patrick Snowball has issued a stark warning to the Queensland and federal governments over proposed measures to tackle insurance affordability in the north of the state.

The Northern Australia Insurance Premiums Taskforce is considering options which include a mutual cyclone insurer and reinsurance pool.

But in his final results presentation last week, Mr Snowball cautioned that such intervention in “a functioning and competitive market” will not solve the underlying problem.

Instead he proposes an increased focus on resilience and mitigation.

“Cyclones are an all too frequent occurrence in north Australia and these proposals will neither reduce the community risk nor provide the protection to life and property that everybody deserves,” he said.

“Every year this country spends an extraordinary amount of money on both public and private assets in the aftermath of national disasters. Spending a fraction of that money on protection and resilience before a disaster strikes us as a much more sensible approach.”

Mr Snowball says Suncorp’s ongoing work with James Cook University’s cyclone experts backs up its position.

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