Brisbane hailstorm bites into Suncorp’s reinsurance

The hailstorm that hit Brisbane last week is likely to bite into a layer of insurer Suncorp’s reinsurance protection.

Suncorp said that the claims from the storm are likely to reach $250 million, the insurer’s reinsurance trigger. Suncorp makes provisions for natural hazards and has an allowance of $595 million for events in the 2015 financial year.

Suncorp today announced it had received approximately 24,500 home, motor and commercial claims following last Thursday’s Brisbane Storms. The majority of claims relate to damaged motor vehicles insured under the Group’s insurance brands including Suncorp, AAMI, Apia and Vero.

Patrick Snowball, chief executive officer of Suncorp, said: “Suncorp has one of the most experienced and largest networks of claims handling professionals in the industry.

“While it will take some time to finish all repairs, Suncorp will rely on its broad network of repairers, builders and material suppliers to fix the damage as quickly as possible. Customers who have not submitted claims are urged to do so online or on the telephone.

“Last Thursday was a significant event and as such it will take some time to finish all repairs. However, the scale we have built and processes we use to respond to these weather events will help ensure the best customer experiences under the circumstances.”