Suncorp counts the cost as summer storms make an early entrance

Suncorp’s bill for natural hazard damage has reached as much as $500 million and the real storm season is yet to hit.

Oct 26, 2021, updated Oct 26, 2021
Suncorp's insurance bill has already reached as much as $500 million

Suncorp's insurance bill has already reached as much as $500 million

Suncorp has set an allowance of almost $1 billion this financial year and has a reinsurance program but a La Nina weather pattern with 70 per cent chance of emerging this summer was likely to mean a wetter than average storm season.

The cyclone season officially starts on November 1, but Suncorp disclosed today that its bill was already between $382 million and $492 million.

The damage has mostly been from storms in Queensland and NSW and the biggest bill was an estimated $70 million to $100 million payout for the Coffs Harbour hail storm.

The Melbourne earthquake cost up to $70 million.

Suncorp chief executive said there were five declared storm events in October alone.

“While it is too early to estimate the ultimate costs of these events, preliminary ranges are being provided on lodgment patterns and historical average claims costs,” he said.

Suncorp has been pressuring governments to do more to mitigate the damage of storms and floods which have meant insurance in some areas of Australia, particularly parts of north Queensland, had become prohibitively expensive for people and businesses.


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