Suncorp Group has appointed Rachel Yao to the position of reinsurance manager for group RI strategy.
Yao, who has been with the firm since July 2019, began her new role last month. She had, for over three years, served as senior capital and reinsurance specialist at the firm. Prior roles include nearly ten years at Aon Benfield and nearly two years at EY. She is currently based in Sydney, Australia.
Yao wrote on LinkedIn: “I’m happy to share that I’m starting a new position as reinsurance manager, group RI strategy at Suncorp Group!”
The appointment of Yao to her new position within the firm’s group RI strategy comes after remarks from Steve Johnston, group CEO, in September that said that the Australian financial giant’s reinsurance and higher nat budget was helping the company remain in good stead.
Johnstone gave his remarks at the firm’s AGM meeting in Brisbane.
As we reported then, Johnston said at the AGM: “Looking ahead, our focus remains on building on the strong momentum across our three businesses to deliver on our strategic initiatives and meet our FY23 commitments. We remain confident in our ability to achieve our targets despite the challenges posed by inflation and the likelihood of a third La Niña weather pattern for part of this coming summer.
“Our strategic investments have so far allowed us to stand apart from the elevated levels of inflation experienced by some of our competitors. And our recently renewed reinsurance program, supported by a natural hazard allowance which has increased by 68% over the past five years, holds us in good stead for the weather season ahead.”
He added: “We are executing well and are now accelerating opportunities to leverage our scale to generate further efficiencies. Alongside a comprehensive pricing response, we aim to meet the challenge of inflation and protect margins and returns while continuing to deliver the valuable products our customers have come to expect.”
The remarks came only about six weeks after the firm reported a 34% decline in net profit to AUD $681m for fiscal year 2022, as natural hazard costs exceeded budget in the period by AUD $101m, leading to significant reinsurance recoveries.
