Suncorp Group has reported receiving over 10,000 claims in the wake of recent supercell thunderstorms that impacted south-east Queensland and northern New South Wales. The claims are approximately evenly divided between home and motor damage. Suncorp is a leading Australian financial services provider with offerings in banking, wealth management, and insurance. The company provides a range of products and services to personal, commercial, and corporate customers.
The insurer estimates the net cost of the event at $350 million, as it has reached its maximum retention under its reinsurance arrangements. Suncorp Chief Executive Steve Johnston noted that the company’s disaster management centre and mobile disaster response hubs are actively assisting customers affected by the storms. Emergency repairs are already underway in the impacted regions to address urgent needs.
Suncorp’s financial year 2026 natural hazard allowance is set at $1.77 billion. To date, the total natural hazard costs for the year are estimated to range from $1.15 billion to $1.28 billion. Following this event, Suncorp retains catastrophe cover for up to two further large events.
The maximum event retention for the next major Australian storm has now been reduced to between $240 million and $280 million, providing ongoing financial protection against future natural disasters. The company is working to process claims and support affected communities during the recovery process.
