Suncorp Insurance has been hit with massive increases in costs in the current financial year, due to the continuous string of natural disasters in the country.
The Queensland based company ranked fifth in Australia’s banks, is currently already $250 million over its expected cost of $460 million for natural disasters and hazard costs. The end of April saw the balance sheet hit over $700 million with 2 months worth of claims remaining.
This financial year the company has had massive claim in the Queensland and New South Wales floods, storms and cyclones, with the most costly to date the Christmas Day hailstorm in Melbourne costing the insurer approximately $250 million in claims.
In a bank and general insurance update, the company announced although these costs are major setbacks, its core banking operations and performance figures have improved. Suncorp Bank CEO has commented in a statement “This trend is weighing on the overall banking system but Suncorp Bank continues to grow as consumers look for alternatives to the major banks”.
The company has seen a steady increase in premiums to help cover the costs of the natural disasters following warnings in early February from Suncorp Insurance Chief Patrick Snowball.
Suncorp has a highly regarded insurance portfolio including AAMI, GIO, Vero, Apia, and more, all who are specialists in their field. The insurance giant offer insurance products and services of all types including Life Insurance, Home and Contents, Car, Boat and Caravan, Travel, as well as offer a large range of superannuation, income protection and life insurance products.
By Krystal Ayoub
Suncorp Insurance Brands
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