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Fires, storms cost Suncorp $519m in H1

Business

Insurance giant Suncorp Group expects the cost of three natural hazards in its second half to be capped at $300 million.

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The cost of natural hazards in the first half of FY20 was $519 million, the insurer said in a statement on Thursday.

Since then it has declared three new natural hazard events in the second half that should be capped at $300 million.

The first of the three declared in the second half was the Victoria, NSW and Tasmania bushfires.

The second two were storm events – the southeast states’ hailstorms, and then the heavy rain in southeast Queensland and NSW.

Chief executive Steve Johnston said there has been an unprecedented start to the bushfire and storm season.

But Suncorp’s reinsurance program will help keep costs within $820 million.

The company has received 26,400 claims from the hailstorms in the southeast of Australia between January 19 and 20 and the heavy rain in Queensland and New South Wales between January 17 and 18.

– AAP

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