The Australian Financial Review says the floods in Queensland could shed 10 per cent off Suncorp Group's Ltd (ASX:SUN) 2011 earnings.
The paper reports that JP Morgan analysts have estimated the Queensland-based financial services group share of losses would be near $200 million, based on the assumption that the company has the most industry exposure and its catastrophe reinsurance program caps further losses.
On December 31, Suncorp said it expected more claims, in addition to the 1,450 claims across Queensland it had received since Christmas Eve.
Suncorp advises it has a comprehensive reinsurance program in place and will provide a cost estimate for the event when the affected areas have been assessed.
SUN Price at posting:
0.0¢ Sentiment: None Disclosure: Held
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