Natural events hammer Suncorp

Natural events hammer Suncorp

Financial services group Suncorp (ASX: SUN) has been smashed by consumer claims following last month's hail in Queensland and New South Wales.

The Queensland-based financial services group said the storm on 31 October had led to about 6,400 claims so far.

In a statement to the ASX today, Suncorp it had received about 33,00 motor claims, 2,800 home claims and 300 commercial claims.

The claims, along with a raft of other natural events, could help push the company close to its natural hazard allowance for the first six months of the year.

And Suncorp conceded to the ASX it expects more hail-damage claims to roll in.

"Including the QLD/NSW hail event, Suncorp currently estimates total natural hazard costs across Australia and New Zealand for the four-month period to 31 October will be $348-$408 million."

The company said it had a natural hazard allowance of $950 million for the year, equally split for each half.

However, the company also said it had insurance on its insurance.

"Suncorp has a comprehensive reinsurance program in place for the FY21 financial year.

"The program is strengthened by an Aggregate Excess of Loss protection, which provides $400 million of cover in excess of a retention of $650 million with an event deductible of $5 million."

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