Suncorp

The insurer said it has received 19,000 claims from affected policyholders so far, with nearly 65% of these coming from customers in Queensland.

In total, nat cat events triggered A$1.26bn of losses for the year, $97mn above the group’s allowance of A$1.16bn.

As New Zealand has been hit by two major cat events in succession, Australian carrier Suncorp said the retained cost of any second declared event in the country will be NZ$25mn ($15.7mn).

The carrier has exceeded its H1 natural hazard allowance of A$580mn.

The carrier has booked major losses of A$350mn-A$410mn in the three months to 31 October.

The group paid out additional reinsurance premium of A$82mn due to a high frequency of natural hazard events.

The Australian group could hive off its banking unit to concentrate efforts on its larger insurance segment.

The firm’s retained loss remains at $A75mn ($56mn).

The carrier lifted its estimated net natural hazard costs for the year by A$25mn to A$1.1bn.

The group reported 75% erosion of its aggregate deductible, below an earlier estimate

Suncorp has estimated that weather losses in the past three months have eroded the A$650mn deductible on its A$400mn aggregate excess of loss (XoL) treaty by up to A$561mn, or 87%.

The carrier was hit by losses from hazards including hailstones 16cm wide.

IAG said it was still reviewing the judgment to determine whether to appeal any aspects of the ruling.

The carrier made recoveries on only one disaster event in the past year.

It will cover home, motor and commercial property portfolios across Australia and New Zealand.

The Australian insurer said it received approximately 3,750 claims relating to recent flooding, as the low deductible on its losses implies it may trigger a dropdown or aggregate cover.

The event will further erode the deductible in the group’s aggregate excess of loss reinsurance programme.

The New South Wales inundation is the first major flood event in the state in a decade, prompting reinsurance fears.

The Australian carrier has also modestly increased its reserves for Covid-19 BI claims.

The insurer said its reserving was still adequate after the court supported its overall approach, but said biosecurity exclusions were not sufficient to decline claims.

This event brings total Australian hailstorm losses to over A$3.64bn in 2020, Perils said.

Suncorp, IAG and QBE reinsurers could face significant recoveries after a landmark court ruling.

A fresh BI ruling in Australia this week highlighted the industry's reason for caution over Covid exposure as legal actions continue.

The carrier plans to raise A$750mn in new equity capital to help shore up its balance sheet, and has further eroded its aggregate reinsurance.