Suncorp caps Marcia liability at $200 million

Australian insurer Suncorp has said that damages from tropical cyclone Marcia will cost it no more than A$200 million.

The insurer said that it has a comprehensive reinsurance programme to limit the financial impact of natural hazard events.

“In addition, the Queensland home portfolio is covered by a 30 percent proportional quota share arrangement. These reinsurance covers will limit the financial impact of this event to a maximum of A$200 million (pre-tax),” said Suncorp.

The tropical cyclone hit parts of central Queensland today, February 20, 2015.