SYDNEY, Feb 20: Suncorp Group Ltd, Australia’s largest general insurer by market value, said on Friday a cyclone pounding the country’s north-east will cost the company a maximum of A$200 million ($155 million).
In a short statement issued as the cyclone hit the coastline of Queensland state, Queensland-based Suncorp said it has activated its ‘major claims event capabilities’ to process claims as fast as possible.
The company said its comprehensive reinsurance program ‘will limit the financial impact of this event to a maximum A$200 million’, before tax.
Cyclone Marcia was upgraded overnight to a category 5 system, the highest rating. When it hit Queensland on Friday it left roads flooded and homes without power, with hundreds forced to evacuate. It was expected to head south toward more populated New South Wales state.
Some areas of Queensland were expected to receive as much as 200 millimetres of rain during the cyclone, the Australian Bureau of Meteorology forecasts.
A week earlier, Suncorp posted a 15 percent increase in half yearly net profit, despite a A$250 million exposure to a hail storm which also affected Queensland.
(AGENCIES)
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