In this article Phillip Tompson explains the differences of two primary products for protecting your installation, structure or equipment. 

Surge diverters and surge filters have many applications and both have their advantages for specific uses throughout a structure, installation; ensuring that your equipment and you are protected from direct and indirect lightning strikes and power quality surges.

Surge filters provide far superior protection against lightning induced surges on mains power lines.  Unlike surge diverters, their performance is not installation dependant.  On top of these points, they have a longer lifespan and are more reliable than surge diverters.

The full article can be read via the attached link below.

[ Download/View filters_and_diverters_1.pdf ]