Australian primary insurer Suncorp is reportedly dealing with nearly 28,000 total insurance claims (including more than 20,000 claims for homes) across Queensland, New South Wales and Victoria from the recent storms and flooding that have impacted the east coast alongside tropical cyclone Jasper.
Just after the new year, Suncorp announced that approximately 19,000 claims had been received from customers impacted by these weather events. At the time, the firm noted that Queensland was hit the hardest, with 12,500 total claims and 9,500 home claims.
Now, total claims in Queensland have reached 17,500, including more than 13,900 for homes. Suncorp explained that this includes more than 2,000 claims in the Far North and more than 14,000 in the South East.
Suncorp Group CEO, Steve Johnston, commented, “In Queensland, we have already finalised nearly a quarter of claims and I want to thank our teams for working as quickly as possible to get these completed.
“Our customer support teams, assessors and builders are on the ground actively aiding customers in impacted regions. They are supporting customers with everything from lodging claims, arranging temporary accommodation, making emergency payments, builder referrals, as well as helping direct to additional support services.”
Johnston continued, “Recovering from natural disasters is never easy and can be a long and challenging journey. We want our customers to know we are here to help get them back on their feet as quickly as possible.
“These events have been another tragic reminder of the devastating impact of extreme weather, particularly with lives, homes and businesses lost. I want to thank everyone involved in helping these communities rebuild.”
Suncorp recently observed that whilst it is too early to provide a total forecast cost of these events given their ongoing nature, the firm expects to be within its natural hazard allowance of $680 million for the half year to December 2023. The natural hazard allowance for FY24 is $1,360 million.
Suncorp has a comprehensive reinsurance program in place, with a maximum event retention of $350 million and a 30% Queensland Home quota share.
In related news, the Insurance Council of Australia has also updated its claims figures, noting that insurers have now received a total of 64,937 claims related to the Christmas and New Year storms, while claims for cyclone Jasper have now hit 7,473.
