Suncorp Group Limited (ASX:SUN) says it has received about 4500 storm and flood related claims from Queensland clients battered by Ex-Tropical Cyclone Oswald.
It is anticipated claims will continue to be lodged throughout the week as flood levels are yet to peak in some areas of Queensland and New South Wales.
Suncorp has an allowance of $520 million for events in the current financial year.
The insurer has activated its major claims event capabilities, despatching additional claims and assessing resources throughout the affected areas of the stateS.
Suncorp’s Queensland home portfolio is also covered by a 30 per cent proportional quota share arrangement.
Suncorp posted a net profit of $728 million in the 2012 financial year.
SUN Price at posting:
$10.48 Sentiment: None Disclosure: Held
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