Hail storms, heavy rain and bushfires have cost Suncorp at least $819 million in claims in a weather season chief executive Steve Johnston has described as “unprecedented”. But its reinsurance protection should be enough to shield it from major financial damage, the insurance giant said.
Earlier in the month, Suncorp reported it had received more than 2600 bushfire-related claims costing the company between $315 and $345 million. Since then, additional blazes across three states including Tasmania added a further $75 to $105 million to the bill.
On Thursday, the insurer declared three more natural hazard events including hail storms in NSW, Canberra and parts of Victoria and heavy rain reported in South East Queensland.
“This has been an unprecedented start to the bushfire and storm season in Australia,” Suncorp Group chief executive Steve Johnston said in a statement lodged with the ASX.