Suncorp
-
The insurer said it has received 19,000 claims from affected policyholders so far, with nearly 65% of these coming from customers in Queensland.
-
In total, nat cat events triggered A$1.26bn of losses for the year, $97mn above the group’s allowance of A$1.16bn.
-
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).
-
The carrier has exceeded its H1 natural hazard allowance of A$580mn.
-
The carrier has booked major losses of A$350mn-A$410mn in the three months to 31 October.
-
The group paid out additional reinsurance premium of A$82mn due to a high frequency of natural hazard events.
-
The Australian group could hive off its banking unit to concentrate efforts on its larger insurance segment.
-
The firm’s retained loss remains at $A75mn ($56mn).
-
The carrier lifted its estimated net natural hazard costs for the year by A$25mn to A$1.1bn.
-
The group reported 75% erosion of its aggregate deductible, below an earlier estimate
-
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%.
-
The carrier was hit by losses from hazards including hailstones 16cm wide.
-
IAG said it was still reviewing the judgment to determine whether to appeal any aspects of the ruling.
-
The carrier made recoveries on only one disaster event in the past year.
-
It will cover home, motor and commercial property portfolios across Australia and New Zealand.
-
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.
-
The event will further erode the deductible in the group’s aggregate excess of loss reinsurance programme.
-
The New South Wales inundation is the first major flood event in the state in a decade, prompting reinsurance fears.
-
The Australian carrier has also modestly increased its reserves for Covid-19 BI claims.
-
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.
-
This event brings total Australian hailstorm losses to over A$3.64bn in 2020, Perils said.
-
Suncorp, IAG and QBE reinsurers could face significant recoveries after a landmark court ruling.
-
A fresh BI ruling in Australia this week highlighted the industry's reason for caution over Covid exposure as legal actions continue.
-
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.
-
Both Suncorp and QBE said multiple tests applied to trigger BI coverage, with QBE saying aggregate reinsurance should mitigate net exposure.
-
Australian carrier ups coronavirus BI provision to A$195mn.
-
Australian carrier’s expanded reinsurance structure kept net cat costs at A$820mn.
-
Robson will assume additional responsibilities as Suncorp changes the unit that handles reinsurance.
-
Reduced exposures take the vertical limit on carrier’s cat programme down to A$6.5bn from A$7.2bn.
-
The company is keeping a near-A$300mn capital gain on hand as it plans for flexibility around its reinsurance renewal.
-
The carrier confirms A$519mn of natural hazard losses in its fiscal first half.
-
Claims from the catastrophe have increased to 13,750 up from 10,550 at the end of last week, the ICA told local media
-
Natural hazard losses have put the carrier’s aggregate reinsurance covers closer to triggering.
-
A long-running inquiry is looking at proposals to set up a public cyclone reinsurance scheme to mitigate affordability concerns.
-
The Insurance Council of Australia anticipates many more claims in the coming weeks.
-
The aggregate recoveries were part of A$589mn overall losses ceded by the insurer to its reinsurers in the past year.
-
The small first layer of its A$7bn reinsurance treaty was expected to face a significant rate increase but upper layers remained flat.
-
The expected losses from the December hailstorm in Sydney have risen from A$871mn to A$1.2bn.
-
The insurer faced A$580mn of natural disaster claims in H1.
-
The 20 December hail storms battered Sydney and many other New South Wales communities.
-
The Australian carrier said December’s Sydney hailstorm would trigger its per-occurrence reinsurance.
-
Suncorp’s aggregate cover is further from its trigger – but has longer to run – while IAG’s is poised to trigger but about to mature.
-
The Australian insurer records group-wide natural hazard losses A$4mn below its budget.