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."

Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.

Business News Australia

 

 

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

A game changer? Aspiring to the new standard on workplace mental health
Partner Content
Work health and safety regulators have been more active in the area of mental health ri...
Aon
Advertisement

Related Stories

Angry merchants make good on class action against Tyro Payments

Angry merchants make good on class action against Tyro Payments

Disgruntled merchants have made good their threats to sue Tyro Paym...

NSW tourism and events sector gets $530m shot in the arm

NSW tourism and events sector gets $530m shot in the arm

As New South Wales blasts through vaccine milestones, the state gov...

Melbourne hearing tech startup Hemideina taking on Cochlear with $10m Series A raise

Melbourne hearing tech startup Hemideina taking on Cochlear with $10m Series A raise

A female-led medical technology company is lifting the frequency of...

Wood Tech plans PPE manufacturing boost with $12m Rogers Industries acquisition

Wood Tech plans PPE manufacturing boost with $12m Rogers Industries acquisition

Manufacturer The Wood Tech Group will strengthen its diversificatio...