Australia floods: Suncorp swamped with over 5K insurance claims

Source:CHAILUK CHALATHAI, Shutterstock

Summary

  • Suncorp has been bombarded with 5,400 insurance claims across states such as New South Wales, Queensland and Victoria as of 4 PM (AEST) Wednesday.
  • The banking and insurance major said that the number of claims were expected to get bigger as eastern Australia sees its worst floods in the last few decades.
  • Out of the total insurance claims so far, nearly 80 per cent are from New South Wales and more than 85 per cent were related to damages done to property.

As Australia battles the worst floods in decades, insurers have been inundated with thousands of insurance claims. Suncorp Group Ltd (ASX:SUN) disclosed that it had received just over 5,400 insurance claims across states such as New South Wales, Queensland and Victoria as of 4 PM (AEST) Wednesday.

The banking and insurance major expects the number of claims to get bigger as eastern Australia continues to bear the brunt of devastating floods. The firm said that it would update the market on the expected costs as and when the number of claims stabilises.

Source: © Terovesalainen | Megapixl.com

Out of the total insurance claims so far, nearly 80 per cent are from New South Wales and more than 85 per cent of the total claims are related to damages done to property.

Suncorp’s customer support teams on ground

Commenting on the development, Suncorp Group CEO Steve Johnston said that the company support teams were on the ground in Port Macquarie (NSW), the place with maximum number of claims so far. The company would deploy more teams in other regions as and when it is safe to do so, Johnston added.

The customer support team would provide face-to-face support by arranging emergency repairs, organising temporary accommodations for customers whose homes have been severely damaged and providing cash payments for emergency purchases.

Source: © Psissa | Megapixl.com

Johnson further said that the next few weeks would be challenging for residents as they return to their homes, assess the damage and start the clean-up. The support of the Australian Defence Force would go a long way in boosting local efforts and helping communities recover, he noted.

Johnston also welcomed the Federal Government’s quick response in urging state governments to classify insurance workers and tradespeople as essential workers.

Meanwhile, Suncorp recorded A$509 million in cash earnings for the first half of the 2021 financial year.

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Stock performance

On Wednesday, 24 March 2021, shares of Suncorp closed at A$9.99, up 0.11 points, or 1.11 per cent, against the previous closing on Tuesday, 23 March 2021.

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