Reinsurance News
Suncorp
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
Suncorp’s FY22 profit falls as nat cats exceed budget by AUD 101m
8th August 2022
Australian primary insurer Suncorp has reported a 34% decline in net profit to AUD 681 million for fiscal year 2022, as natural hazard costs exceeded budget in the period by AUD 101 million, leading to significant reinsurance recoveries. For the fiscal year ended June 30th, 2022, Suncorp has reported total natural ... Read the full article
Suncorp continues simplification with sale of bank arm
18th July 2022
Suncorp Group has announced that it has signed a share sale and purchase agreement with Australia and New Zealand Banking Group Limited (ANZ) to sell its banking business. ANZ has agreed to a $4.9 billion deal to acquire Suncorp’s banking arm in a bid to boost the size of its mortgage ... Read the full article
Suncorp makes reinsurance adjustments amid “material hardening”
4th July 2022
Australian primary insurer Suncorp has made some adjustments to its FY23 reinsurance placement to reflect "the material hardening" of the reinsurance market after heightened natural catastrophe activity. In line with the firm's FY22 July reinsurance renewal, Suncorp has maintained the overall maximum retention at $250 million. However, the upper limit of the ... Read the full article
Australia’s Suncorp reports more than 34,000 claims from flooding
16th March 2022
Australian insurer Suncorp says it has received over 34,000 claims relating to the recent flooding in the Queensland and New South Wales areas. The firm said that four out of five claims related to home damage from the disaster, which it is now counting as four ‘separate natural hazard events’. Suncorp ... Read the full article
Suncorp positive despite significant falls in net profit and earnings in H2 2021
8th February 2022
Australia’s Suncorp has reported that its net profit after tax and cash earnings for H2 2021 were down significantly, compared to those in the prior corresponding period. Despite the significant falls of 20.8% and 29.1%, the organisation said that this remained ‘a compelling result’. Christine McLoughlin, chair of Suncorp, said in a ... Read the full article
Suncorp NZ revamps executive team
25th January 2022
Suncorp New Zealand has appointed Sacha Cowlrick as Executive General Manager, Insurance Solutions as part of a refresh of its broader executive team. Cowlrick joined Suncorp in 2016 as Executive Manager Operations before taking on the role of Executive Manager, Consumer Insurance Solutions in 2017. “As well as her insurance experience, Sacha ... Read the full article
Suncorp announces AU$250mn cost of late October hail, wind event
4th November 2021
Australian insurer Suncorp has provided an update to the recent hail and wind event which swept South Australia, Victoria and Tasmania in late October. The number of home and motor claims from the event, as of November 3, totals 12,000. While the full extent of this event’s damage is still being realised, ... Read the full article
Suncorp’s nat cat bill reaches AU$492mn, closing in on full year budget
26th October 2021
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 ... Read the full article
Suncorp CEO among ICA board arrivals
20th August 2021
The Insurance Council of Australia (ICA) has appointed Steve Johnston, group Chief Executive Officer and Managing Director of Suncorp Group, to its board. Tim Plant, meanwhile, has stepped down from the board and as ICA Deputy President following his recent resignation from Zurich Financial Services Australia. The casual board vacancy is expected ... Read the full article
Suncorp sees 42% FY21 earnings boost
9th August 2021
Australian insurer Suncorp has announced a FY21 result with cash earnings of AUD $1,064 million, up 42.1% from the prior year period. Group net profit after tax increased by 13.1% to $1,033 million. The improvement in cash earnings was driven by increased Profit After Tax in Insurance Australia of 42.4% and Suncorp ... Read the full article
Suncorp completes unchanged cat reinsurance program for FY22
2nd July 2021
Australian insurer Suncorp has successfully renewed its reinsurance program for 2022, securing an unchanged upper limit of $6.5 billion covering home, motor, and commercial property portfolios across Australia and New Zealand. The structure of Suncorp's FY22 reinsurance program remains unchanged from the company's FY21 program, as the Group's maximum event retention ... Read the full article
ICA’s COVID-19 BI test case appeal rejected
28th June 2021
Australian insurer Suncorp says special leave to appeal will not be granted for the Insurance Council of Australia (ICA) first industry test case. This test case relates to the application of the Quarantine Act exclusion to Business Interruption (BI) policies. The High Court of Australia’s decision upholds the NSW Court of Appeal’s ... Read the full article
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