27 March 2017Insurance

Reinsurance to cover Cyclone Debbie cost for Australian Suncorp

Suncorp, one of Australia’s largest insurers, said that it is well protected against the financial impact of Cyclone Debbie through reinsurance protection.

Australia’s Bureau of Meteorology (BoM) has extensive warnings in place for Queensland for destructive winds, storm surge, and flooding as the cyclone is expected to bring widespread rainfall over the next hours.

Claims costs from the cyclone are expected to be fully covered by a combination of Suncorp’s main catastrophe programme and the additional Natural Hazard Aggregate Protection that was purchased for the 2017 financial year, the company said.

The main catastrophe programme provides cover from $250 million up to $6.9 billion. The Natural Hazard Aggregate Protection provides $300 million of cover once the retained portion of natural hazard events greater than $5 million exceeds a total of $460 million. At 27 March 2017, events greater than $5 million are estimated to be approximately $460 million.

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More on this story

Insurance
29 March 2017   Cyclone Debbie roared ashore in Queensland as the most powerful storm to strike Australia since Cyclone Yasi destroyed Queensland resorts, homes, and crops in 2011, according to catastrophe risk modelling provider AIR Worldwide.
Insurance
31 March 2017   The Insurance Council of Australia (ICA) said that Tropical Cyclone Debbie triggered 7,500 claims and that insurance losses could reach into the hundreds of millions of dollars as householders and businesses return to their properties and lodge claims.
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12 October 2017   Australian insurer Suncorp has appointed Gary Dransfield as the new CEO of insurance, replacing Anthony Day who has decided to leave the company after serving for almost 10 years.