Insurer Suncorp (ASX: SUN) has received more than 26,000 claims so far this month relating to inclement weather across the east coast, after already estimating $519 million in natural hazard costs for the first half of FY20 due to bushfires, storms and hail.
The company has now declared two storm events for the current financial period: the hailstorm that affected parts of Victoria, the ACT and NSW from 19-20 January; and the heavy rain that impacted South East Queensland and NSW from 17-18 January.
As of two days ago, Suncorp had received more than 25,000 claims in relation to the hailstorms and in excess of 1,400 claims relating to the heavy rain.
Suncorp CEO Steve Johnston says this has been an unprecedented start to the bushfire and storm season in Australia.
"At a time when the industry is responding to multiple large events, Suncorp's focus is on making the claims process as simple and efficient as possible with customers making good use of our online claims lodgement facility," he says.
"We continue to mobilise our Customer Support Teams on the ground where they're needed the most and we have also increased the capacity of our contact centres to manage the increased volume of calls from our customers across the east coast.
"We've also ramped up our repair network to start the assessing and rebuilding process."
SUN shares were down 0.77 per cent at $12.82 at 10:30am AEDT.
Shares in the Brisbane-based company have fallen 8 per cent since bushfire damage started to take its toll in September last year.Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.
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