Suncorp
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The small first layer of its A$7bn reinsurance treaty was expected to face a significant rate increase but upper layers remained flat. -
The expected losses from the December hailstorm in Sydney have risen from A$871mn to A$1.2bn.
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The insurer faced A$580mn of natural disaster claims in H1.
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The 20 December hail storms battered Sydney and many other New South Wales communities.
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The Australian carrier said December’s Sydney hailstorm would trigger its per-occurrence reinsurance.
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Suncorp’s aggregate cover is further from its trigger – but has longer to run – while IAG’s is poised to trigger but about to mature.
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The Australian insurer records group-wide natural hazard losses A$4mn below its budget.
