Suncorp Group has informed investors that a significant portion of the insurance claims submitted following ex-tropical cyclone Alfred falls under the Australian government’s cyclone reinsurance pool coverage. The insurer reported receiving approximately 7,800 claims across affected states. A substantial 7,200 of these relate to home insurance, while over 2,100 claims pertain to food spoilage. The critical window for coverage extends until 6 a.m. on March 10, encompassing many of these damages.
Suncorp’s Chief Executive, Steve Johnston, urged impacted customers to file their claims online promptly. The company’s comprehensive reinsurance program is designed to mitigate losses from major weather events. Suncorp maintains a maximum event retention of $350 million. Furthermore, its primary catastrophe cover offers robust protection, extending up to $6.75 billion, providing a financial buffer against substantial weather-related damages.
