Reinsurance News
Suncorp
Suncorp’s H1’26 natural hazard costs exceed budget at AUD 1.319bn
12th January 2026
Australian insurer Suncorp has disclosed that its total cost of natural hazard events for the first half of 2026 (H1’26) is expected to be AU$1.319 billion, far above the budget of AU$866 million, eroding most of its full-year 2026 (FY’26) allowance of AU$1.77 billion, meaning the carrier will make reinsurance ... Read the full article
Queensland and NSW storms push Suncorp to maximum reinsurance retention
27th November 2025
Australian insurer Suncorp expects the recent supercell thunderstorms that brought large hail and destructive winds to South East Queensland and northern New South Wales to hit its full reinsurance retention of $350 million, with the storms prompting more than 10,000 claims as of 26th November 2025. Of the total claims, approximately ... Read the full article
Severe Queensland and Victoria storms trigger 5,500 claims for Suncorp
31st October 2025
The insurance company Suncorp has received just over 5,500 claims, around 5,000 in Queensland and 500 in Victoria, with the net cost of the event expected to fall between $220 million and $260 million, with these estimates remaining preliminary, and final figures to be confirmed as part of the first ... Read the full article
Suncorp reports $1.8bn profit in FY2025
14th August 2025
Australian insurer Suncorp Group has revealed that net profit after tax (NPAT) for FY2025 was $1.823 billion, up from $1.197 billion in 2024, while cash earnings increased to $1.486 billion from $1.372 billion. According to the firm, FY2025 NPAT included $252 million from the one-off gain on sale of Suncorp Bank ... Read the full article
Suncorp shrinks main cat cover at renewal and adds multi-year solution
1st July 2025
Australian insurer Suncorp has completed its 2026 reinsurance renewal, securing main catastrophe cover for losses between $500 million and $6.3 billion, and has added a structured, multi-year solution that reduces exposure to $350 million for a first and second event, with the cost of the programme expected to come down ... Read the full article
Natural hazard costs erode ~72% of Suncorp’s FY allowance
8th May 2025
In a new market update, Australian insurer Suncorp has disclosed that it incurred natural hazard costs of AUD 1.115 billion in the 10 months to April 30th, 2025, which has eroded almost 72% of the carrier's AUD 1.560 billion full year natural hazard allowance. Suncorp explained that there have been 15 ... Read the full article
Insurers receive over 22,000 claims following ex-Tropical Cyclone Alfred: ICA
11th March 2025
The Insurance Council of Australia (ICA) has revealed that insurers have received more than 22,000 insurance claims from policyholders across southeast Queensland and northern New South Wales following ex-Tropical Cyclone Alfred. Of the total claims lodged, 20,460 are in Home, 1,182 are for Motor, and 758 are for Commercial. The ICA observed ... Read the full article
Suncorp posts H1’25 net profit as natural hazard costs stay within budget
12th February 2025
Australian insurer Suncorp has reported net profit after tax of A$1.1 billion for H1 of its 2025 financial year, while gross written premium in its General Insurance business increased by 8.9% compared to the same period in the prior year. According to Suncorp, this net profit result includes a one-off gain ... Read the full article
Suncorp completes sale of Asteron Life to Resolution Life
3rd February 2025
Suncorp Group Limited, an Australian primary insurer, has completed the sale of Asteron Life Limited, its New Zealand life insurance business, to Resolution Life NOHC on 31 January 2025. This sale was first announced in April 2024, after Suncorp signed a share sale and purchase agreement with Resolution Life to ... Read the full article
Suncorp partners with Duck Creek to modernise its insurance delivery solutions
5th December 2024
Insurer Suncorp has entered a multi-year agreement with Duck Creek, a provider of software solutions for property and casualty (P&C) and general insurance, to aid in its ongoing journey of technology modernisation and process simplification. Through this partnership, Duck Creek will deliver cloud-native, low-code core insurance delivery solutions as part of ... Read the full article
Suncorp reveals reinsurance recoveries of $135m, lifts natural hazard allowance for FY25
19th August 2024
Australian insurer Suncorp recorded AUD 135 million of reinsurance recoveries for the financial year ended June 30th, 2024, as the total cost of natural hazard events in the period came in below the Group's allowance. Announcing its financial year results today, Suncorp Chief Executive Officer (CEO) Steve Johnston revealed that ... Read the full article
Suncorp sees FY net profit of around $1.2bn as GWP increase 13.9%
19th August 2024
Australian insurer Suncorp Group has revealed that net profit after tax for FY2024 was $1.197 billion, up from $1.071 billion in 2023, while cash earnings increased to $1.372 billion from $1.177 billion. Suncorp also recorded a higher net investment income of $661 million, driven by a strong underlying yield on the ... Read the full article
Suncorp adds $350m to top of catastrophe reinsurance tower as CEO welcomes market stability
5th July 2024
Australian insurer Suncorp has successfully placed its 2025 fiscal year catastrophe reinsurance program, maintaining its maximum event retention of $350 million for a first large event and lifting the top of its tower to $6.75 billion. For 2024, Suncorp reduced the top of its tower by $400 million to $6.4 ... Read the full article
Suncorp Group agrees to sell Asteron Life to Resolution Life
4th April 2024
Suncorp Group Limited has signed a share sale and purchase agreement with Resolution Life NOHC, Resolution Life Group’s holding company in Australia and New Zealand (Resolution Life) to sell its New Zealand life insurance business, Asteron Life Limited for NZ$410 million. According to the announcement, the sale of Asteron Life for ... Read the full article
Suncorp reports increase in GPW of 16.3% for H1’24
26th February 2024
Australian primary insurer Suncorp Group Limited has reported a rise in group net profit after tax (NPAT) of 5.4% to $582 million, as General Insurance gross written premium (GWP) rose 16.3% to $6.9 billion on the back of customer growth, targeted pricing response to inflation, and increased natural hazard and ... Read the full article
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