HVRRF - Suncorp Hits Aggregate Trigger On Floods Will Buy A$200M More Reinsurance
Australian primary insurer Suncorp ([[SNMYF]]) is set to raise its budget for natural catastrophe losses and plans to buy A$200 million more reinsurance cover for the next financial year, while at the same time the insurers' CEO acknowledged that climate change is driving more frequent losses for the firm.
Suncorp reported that it suffered A$580 million of natural catastrophe insured losses during the first half of its current financial year, with natural hazard claims coming in A$220 million above its budget of $360 million for the period.
Driving the losses for Suncorp were a A$250