Suncorp has updated the recent hail and wind event which occurred on 28 and 29 October with customers impacted across South Australia, Victoria and Tasmania.
As at 3 November, Suncorp had received approximately 12,000 home and motor claims. As the full extent of damage is still unfolding, claims are expected to rise further. The expected total cost from this event is to be in the range of $225-$250 million.
Suncorp Group CEO Steve Johnston called for greater investment in mitigation and resilience to make homes and communities safer before natural disasters occur. Including this latest event, there have been six declared weather events in October. While it is too early to estimate the ultimate costs of the more recent events, preliminary ranges are being provided based on lodgement patterns and historical average claims costs.
Reflecting the Suncorp Group’s natural hazard experience to date, the full year outlook for natural hazard costs is in the range of $1.105 to $1.130 billion, exceeding the FY22 allowance by between $125-$150 million.