Suncorp
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The insurer said it has received 19,000 claims from affected policyholders so far, with nearly 65% of these coming from customers in Queensland. -
In total, nat cat events triggered A$1.26bn of losses for the year, $97mn above the group’s allowance of A$1.16bn.
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As New Zealand has been hit by two major cat events in succession, Australian carrier Suncorp said the retained cost of any second declared event in the country will be NZ$25mn ($15.7mn).
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The carrier has exceeded its H1 natural hazard allowance of A$580mn.
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The carrier has booked major losses of A$350mn-A$410mn in the three months to 31 October.
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The group paid out additional reinsurance premium of A$82mn due to a high frequency of natural hazard events.
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The Australian group could hive off its banking unit to concentrate efforts on its larger insurance segment.
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The firm’s retained loss remains at $A75mn ($56mn).
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The carrier lifted its estimated net natural hazard costs for the year by A$25mn to A$1.1bn.
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The group reported 75% erosion of its aggregate deductible, below an earlier estimate
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Suncorp has estimated that weather losses in the past three months have eroded the A$650mn deductible on its A$400mn aggregate excess of loss (XoL) treaty by up to A$561mn, or 87%.
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The carrier was hit by losses from hazards including hailstones 16cm wide.
