SUN suncorp group limited

News: SUN Suncorp Group Announces Natural Hazard Update

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    Nov 7 (Reuters) - Suncorp Group Ltd (SUN) :

    • SUNCORP NATURAL HAZARD UPDATE
    • TOTAL COST OF THESE EVENTS TO SUNCORP IS EXPECTED TO BE IN RANGE OF A$350 MILLION TO A$410 MILLION
    • PRELIMINARY RANGES ARE BEING PROVIDED BASED ON LODGEMENT PATTERNS AND HISTORICAL AVERAGE CLAIMS COSTS
    • FIVE DECLARED NATURAL HAZARD EVENTS ACROSS AUSTRALIA AND NEW ZEALAND SINCE START OF FY, RESULTING IN MORE THAN 13,000 CLAIMS AS AT 31 OCT
    • LA NINA WEATHER PATTERN HAS SEEN A HIGHER PROPORTION OF LARGE LOSSES GIVEN LEVEL OF INUNDATION
    • RECEIVED APPROXIMATELY 4,600 CLAIMS OFF BACK OF THESE EVENTS IN OCTOBER
    • NATURAL HAZARD ALLOWANCE FOR FY23 IS $A1,160 MILLION
    • MAXIMUM EVENT RETENTION ON MAIN CATASTROPHE PROGRAM IS A$250 MILLION
 
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