Suncorp estimates $350m in costs after storm damage in QLD, NSW
Make us a preferred source
Make us a preferred source on Google
The news: Insurance group Suncorp has flagged $350 million in costs following supercell thunderstorms over the past few days, which saw large hail and destructive winds hit south-east Queensland and parts of northern New South Wales.
The numbers: Suncorp said that as of 4pm on Wednesday, it had received over 10,000 claims, with around 5,000 in home and 5,000 in motor.
The net cost to the insurer is expected to be $350 million, having reached its reinsurance maximum event retention.
Suncorp said its main catastrophe cover remains in place, with a maximum event retention of $350 million for a further two large events in FY26, as a result of its purchase of cover for a third large event up to $1 billion.
What they said: "We are working hard to respond to every customer as quickly as possible, and I encourage impacted customers to lodge their claim online as soon as possible, even if the full extent of the damage is not yet known," said Suncorp CEO Steven Johnson.
The source: ASX
