Suncorp
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Both Suncorp and QBE said multiple tests applied to trigger BI coverage, with QBE saying aggregate reinsurance should mitigate net exposure.
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Australian carrier ups coronavirus BI provision to A$195mn.
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Australian carrier’s expanded reinsurance structure kept net cat costs at A$820mn.
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Robson will assume additional responsibilities as Suncorp changes the unit that handles reinsurance.
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Reduced exposures take the vertical limit on carrier’s cat programme down to A$6.5bn from A$7.2bn. -
The company is keeping a near-A$300mn capital gain on hand as it plans for flexibility around its reinsurance renewal.
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The carrier confirms A$519mn of natural hazard losses in its fiscal first half.
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Claims from the catastrophe have increased to 13,750 up from 10,550 at the end of last week, the ICA told local media
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Natural hazard losses have put the carrier’s aggregate reinsurance covers closer to triggering.
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A long-running inquiry is looking at proposals to set up a public cyclone reinsurance scheme to mitigate affordability concerns.
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The Insurance Council of Australia anticipates many more claims in the coming weeks.
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The aggregate recoveries were part of A$589mn overall losses ceded by the insurer to its reinsurers in the past year.
