Suncorp
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The insurer said it has received 19,000 claims from affected policyholders so far, with nearly 65% of these coming from customers in Queensland.
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In total, nat cat events triggered A$1.26bn of losses for the year, $97mn above the group’s allowance of A$1.16bn.
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As New Zealand has been hit by two major cat events in succession, Australian carrier Suncorp said the retained cost of any second declared event in the country will be NZ$25mn ($15.7mn).
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The carrier has exceeded its H1 natural hazard allowance of A$580mn.
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The carrier has booked major losses of A$350mn-A$410mn in the three months to 31 October.
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The group paid out additional reinsurance premium of A$82mn due to a high frequency of natural hazard events.
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The Australian group could hive off its banking unit to concentrate efforts on its larger insurance segment.
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The firm’s retained loss remains at $A75mn ($56mn).
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The carrier lifted its estimated net natural hazard costs for the year by A$25mn to A$1.1bn.
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The group reported 75% erosion of its aggregate deductible, below an earlier estimate
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Suncorp has estimated that weather losses in the past three months have eroded the A$650mn deductible on its A$400mn aggregate excess of loss (XoL) treaty by up to A$561mn, or 87%.
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The carrier was hit by losses from hazards including hailstones 16cm wide.
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IAG said it was still reviewing the judgment to determine whether to appeal any aspects of the ruling.
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The carrier made recoveries on only one disaster event in the past year.
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It will cover home, motor and commercial property portfolios across Australia and New Zealand.
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The Australian insurer said it received approximately 3,750 claims relating to recent flooding, as the low deductible on its losses implies it may trigger a dropdown or aggregate cover.
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The event will further erode the deductible in the group’s aggregate excess of loss reinsurance programme.
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The New South Wales inundation is the first major flood event in the state in a decade, prompting reinsurance fears.
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The Australian carrier has also modestly increased its reserves for Covid-19 BI claims.
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The insurer said its reserving was still adequate after the court supported its overall approach, but said biosecurity exclusions were not sufficient to decline claims.
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This event brings total Australian hailstorm losses to over A$3.64bn in 2020, Perils said.
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Suncorp, IAG and QBE reinsurers could face significant recoveries after a landmark court ruling.
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A fresh BI ruling in Australia this week highlighted the industry's reason for caution over Covid exposure as legal actions continue.
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The carrier plans to raise A$750mn in new equity capital to help shore up its balance sheet, and has further eroded its aggregate reinsurance.
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