Sydney Hailstorm Increases Suncorp’s Natural Hazard Claims Costs. AUD 12 FVE Unchanged
Suncorp Group’s Sydney hailstorm update disappointed with the firm expecting the financial impact to be AUD 150-170 million, taking total natural peril claims costs for the eight months to Feb. 28, 2017 to AUD 610-630 million. Despite the increase in fiscal 2017 reinsurance cover, natural hazard costs for the year ending June 30, 2017 will now likely exceed the full-year fiscal 2017 allowance of AUD 620 million. It is particularly disappointing considering Suncorp reduced its fiscal 2017 allowan...Suncorp Group is engaged in the general insurance, banking, life insurance, superannuation products and related services to the retail, corporate and commercial sectors. Co.'s segments are: Personal Insurance, which include home and contents insurance, motor insurance and travel insurance; Commercial Insurance, which include commercial motor insurance, commercial property insurance and marine insurance; General Insurance, which include home and contents insurance, motor insurance, marine insurance; Bank, which include personal and commercial banking; and Life, which include financial planning and funds administration services.
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