Reinsurance News
Suncorp
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
Suncorp reports total nat cat costs in H1’24 of $568m
29th January 2024
Australian primary insurer Suncorp anticipates the total cost of natural hazard events for H1 2024 to be approximately $568 million, which consists of six significant events during the period. Suncorp's natural hazard allowance for FY24 is $1.36 billion, so the insurer has used less than 50% of its budget at the ... Read the full article
Claims from Australian storms & tropical cyclone Jasper hit 28,000: Suncorp
17th January 2024
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 ... Read the full article
Suncorp’s FY23 profit rises despite nat cats exceeding budget by $97 million
9th August 2023
Australian primary insurer Suncorp has reported a nearly 69% increase in net profit to $1,148 million for fiscal year 2023, despite natural hazard costs exceeding budget in the period by $97 million. Total natural hazard costs for the year came out at $1.257 billion, Suncorp said, but for the next fiscal ... Read the full article
Suncorp adjusts reinsurance program & drops aggregate XoL protection amid hardening market
4th July 2023
Brisbane headquartered insurer Suncorp has adjusted its reinsurance program structure for the 2024 fiscal year in light of material market hardening, reducing the top of the tower by $400 million at the same time as increasing the retention by $100 million, and opting against the renewal of its aggregate excess ... Read the full article
RACQ Insurance joins the Australian Cyclone Reinsurance Pool
4th July 2023
One of Queensland’s leading insurers, RACQ Insurance, has joined the Federal Government’s Cyclone Reinsurance Pool prior to the 2023-24 cyclone season. This announcement comes after insurer Suncorp Group announced last week that it has joined the pool as well. Queenslanders have continued to face the devastating impacts of extreme weather. ... Read the full article
Suncorp joins the Australian Cyclone Reinsurance Pool
30th June 2023
Insurer Suncorp Group has announced that it has joined the Federal Government’s Cyclone Reinsurance Pool. Lisa Harrison, CEO of Insurance Product & Portfolio at Suncorp Group, confirmed all eligible customers at the point of renewal and any new business policies for home, strata, landlord and small business property insurance across the ... Read the full article
Suncorp exceeds H1 natural hazards budget by $99m
8th February 2023
Australian insurer Suncorp has reported its results for the first half of the fiscal year for 2023, during which time it grew its net profits by 44.3% despite natural hazard losses exceeding the its H1 budget by some AUD 99 million. In addition to improved earnings, Suncorp saw continued strong top-line ... Read the full article
Suncorp warns New Zealand floods could trigger its reinsurance
30th January 2023
Suncorp has warned that the flooding currently affecting Auckland and the North Island in New Zealand could trigger its reinsurance cover. At least 4 people have died with around 350 needing replacement accommodation as a state of emergency order continues. Residents in the affected areas have been told by authorities to brace ... Read the full article
Suncorp appoints Rachel Yao to new reinsurance role
28th November 2022
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 ... Read the full article
Suncorp sees erosion of some of aggregate deductible after active period for catastrophes
7th November 2022
Australian insurer Suncorp has reported a cost of between AUD 350 million (USD 225m) to AUD 410 million (USD 265m) from five natural hazard events across Australia and New Zealand during the opening quarter of this financial year, suggesting the erosion of some of its aggregate deductible. From July 1st, 2022 ... Read the full article
IAG and Suncorp lower BI reserve provisions after court ruling
17th October 2022
Australian insurers IAG and Suncorp have both announced that they have lowered their COVID business interruption (BI) reserve provisions after a recent court ruling on the issue. Last week, the High Court of Australia opted to deny special leave to appeal the judgment of earlier verdicts by the Federal Court ... Read the full article
Suncorp’s reinsurance and high nat cat budget holding company in good stead
23rd September 2022
The group CEO of Suncorp in his speech at the firm’s annual general meeting (AGM) has said that Australian financial giant's reinsurance and higher nat budget is helping the company remain in good stead. Steve Johnston gave his remarks in Brisbane earlier this week in the firm’s hybrid—online and in-person—event. Johnston said ... Read the full article
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