Reinsurance News
Suncorp
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
Suncorp records 3,750 claims from Victoria flooding
16th June 2021
Australian insurer Suncorp has received approximately 3,750 claims so far from the recent severe weather affecting regions across metropolitan and regional Victoria, with more expected over the coming days and weeks. Earlier this week, the Insurance Council of Australia (ICA) declared a catastrophe event in Victoria after thousands of homes ... Read the full article
Suncorp estimates current flood loss at $250m as ICA sees claims rise
31st March 2021
Australian insurer Suncorp has announced an expected losses of between $230 million and $250 million from the recent heavy rainfall and flooding across New South Wales, South East Queensland and Victoria. Concurrently, the Insurance Council of Australia has raised its estimate from the $438 announced earlier this week to $497 ... Read the full article
Australian insurers ramp up flood support, provide reinsurance updates
22nd March 2021
Australia’s major insurance providers including Suncorp and IAG are ramping up efforts to support customers affected by severe flooding currently unfolding across New South Wales and South East Queensland. The ICA has declared a catastrophe for large parts of NSW, following the evacuation of around 18,000 residents following widespread and ... Read the full article
Storms erode Suncorp’s reinsurance deductible by 55%
9th February 2021
Australian primary insurance giant Suncorp has announced that, while it has not driven any reinsurance recoveries, catastrophe losses across the first half of its financial year eroded the aggregate deductible in several reinsurance treaties, including the aggregate excess of loss treaty. Total costs from the cat events across Australia and New ... Read the full article
Suncorp confident in covid reserves after BI court win
21st December 2020
A Covid-related business interruption court case victory has prompted Australian primary insurer Suncorp to underline its belief that overall reserving for the pandemic continues to be adequate. The federal court of Australia ruled in favour of Suncorp, via its Vero Insurance subsidiary, on a BI claim that had been denied on ... Read the full article
Suncorp expecting broadly neutral COVID-19 impact across first half of FY
17th November 2020
The impact of COVID-19 across Suncorp’s general insurance portfolio is expected to be broadly neutral for the first half of the 2021 financial year. Impacts during this period include an assessment for potential business interruption (BI) claims from the second Victorian lockdown. Additionally, temporary short- term reductions in motor claims frequency, continued ... Read the full article
Heightened catastrophe losses eat into Suncorp’s aggregate retention
6th November 2020
Suncorp, a giant Australian primary insurer, has announced estimated natural catastrophe losses of between $348 million and $408 million for the first four months of its financial year, the majority of which comes from the Queensland hailstorm event in October. As a result of this active period for catastrophe activity, the ... Read the full article
Suncorp adds Jimmy Higgins as CEO, New Zealand
15th October 2020
Australian insurer Suncorp has announced the appointment of Jimmy Higgins as Chief Executive Officer of Suncorp New Zealand. Higgins has been with Suncorp since 2008, holding a range of senior and executive roles across the Australian and New Zealand insurance businesses. Prior to Suncorp, he was a chartered accountant specialising in audit ... Read the full article
Suncorp reports improved group net profit for FY20
21st August 2020
Australian insurer Suncorp has reported Group net profit after tax of AUD 913 million for FY20, which includes a gain of AUD 285 million from the sale of its Capital SMART and ACM Parts businesses. In comparison, Suncorp reported Group net profit after tax of just AUD 175 million for ... Read the full article
Suncorp renews cat reinsurance program with similar structure
1st July 2020
Australian insurer Suncorp has finalized the renewal of its main catastrophe reinsurance program for FY21 with a similar structure to previous years. Details of the coverage were released alongside an announcement that Suncorp will be implementing a new operating model and organisational structure to improve its core businesses and accelerate digital ... Read the full article
Suncorp “well advanced” in cat reinsurance renewal
11th May 2020
Australian insurer Suncorp has said that it remains “on track” to complete the placement of its reinsurance renewal program by June 30th, following major bushfire and hail losses earlier in the year. The company reports that it is “well advanced” with the placement of its main catastrophe program and is ... Read the full article
Disaster losses eat into Suncorp’s reinsurance program
11th February 2020
Australian insurer Suncorp has said that natural catastrophe losses from bushfires and storms have used up around half the protection available in its aggregate reinsurance program. The company expects to have only around half of its AU $300 million (US $200 million) natural hazard aggregate protection (NHAP) reinsurance coverage left, after ... Read the full article
Suncorp expects reinsurance recoveries as catastrophe losses mount
30th January 2020
Australian insurer Suncorp has revealed that it expects to make recoveries under its reinsurance program after an "unprecedented" start to both the bushfire and storm season in the country. The primary insurer announced in early January that its bushfire losses could hit its reinsurance protection as claims continued to rise. Providing ... Read the full article
Suncorp states that bushfire losses could hit its reinsurance as claims soar
9th January 2020
Suncorp Group has announced that it has received more than 2,600 bushfire-related claims since September 2019 with a total estimated cost of up to AUD 345 million (USD 237 million), and has noted that losses from the event could trigger its reinsurance protection. The large Australian primary insurer is the latest ... Read the full article
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