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Costs blow out for Suncorp’s natural hazard allowance to $350m, 4th period in row for over-size claims

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Costs blow out for Suncorp’s natural hazard allowance to $350m, 4th period in row for over-size claims

damage

Damage after the Kaikoura earthquake, which has stung Suncorp for $A48 million.

WILD storms and a New Zealand earthquake have helped blow out Suncorp’s insurance disaster bill for the fourth time in a row.

Brisbane-based Suncorp, whose brands include AAMI and Apia, told the market on Monday that claims from natural hazards was $350 million. That is $40 million above its half-year budgeted allowance of $310 million.

Exceeding the budget squeezes profitability, with the company to reveal half-year earnings results on February 9.

Suncorp has now surpassed its natural disaster budget at every half-year result since 2013. Among latest costly disasters were storms whipping South Australia and Victoria in November and December, costing Suncorp $110 million. Water had come through customers’ ceilings, winds impacted their fences and roofs, while hail and flooding had…

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This entry was posted on 30/01/2017 by in Uncategorized and tagged , .

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