Suncorp is expecting a financial hit of between $382 million and $492 million due to natural hazard claims incurred since July 1.
Suncorp’s full year natural hazard allowance of $980 million is divided equally between the first and second halves of the financial year.
The company’s maximum event retention on the main catastrophe program is $250 million.
There is also dropdown aggregate protection and aggregate excess of loss (AXL) protection which provides additional cover for small and medium events.
“There had been five declared storm events in October to date including a hailstorm in Coffs Harbour on the NSW North Coast last week,” said group CEO Steve Johnston.
“While it is too early to estimate the ultimate costs of these events, preliminary ranges are being provided based on lodgement patterns and historical average claims costs.
“Our Customer Support Team is on the ground in Coffs Harbour to support our customers affected by the hail event. Our national footprint means we have been able to respond quickly to this event and ensure our customers get back on their feet as quickly as possible,” Johnston added.
“We will continue to work with governments to ensure we can get tradespeople and assessors on the ground and across borders as necessary.”
Johnston encouraged affected customers to lodge their claims online so they can be processed quickly.
