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Suncorp says it's time to act as flood costs rise to $250 million

Business

The floods that hit southern Queensland and NSW have cost Suncorp up to $250 million with more claims likely.

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Suncorp chief executive Steve Johnston has once again called on governments to act and provide mitigation infrastructure.

“Floods too frequently devastate communities across Australia which is why as a country we must address this risk,” Johnston said.

“As a country we need to address how we can protect homes in flood-prone regions through government investment in mitigation infrastructure. We must also improve planning decisions to ensure we are not building new homes in high-risk areas.”

Many of the homes impacted by the floods in Richmond, Windsor, Penrith, Port Macquarie and Taree were in medium to high risk flood areas.

The company said it had received 7600 claims across the eastern states and that number was expected to rise as its customers gained access to their properties.

About 75 per cent of the claims were from NSW where floodwaters are still causing damage around Moree.

Suncorp said the severity of the claims varied between the regions but the hardest hit were western Sydney and the mid-north coast of NSW.

It said the claims were likely to categorised as a single event for reinsurance purposes and the cost would be capped at $250 million.

Suncorp said it had a comprehensive reinsurance program.

 

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