HVRRF - Suncorp Says 'Unprecedented' Catastrophes Will Drive Reinsurance Recoveries
Australian primary insurance giant Suncorp (SNMYF) has referred to an "unprecedented" start to the season for catastrophe losses this morning, saying that it now expects to make recoveries across its reinsurance program, including its main program, drop-downs and aggregate reinsurance including perhaps its stop-loss.
Suncorp had already warned earlier this month that its rising losses from the Australian bushfire disasters had the potential to trigger its drop-down and aggregate reinsurance layers of its program.
At that stage Suncorp had estimated its losses from all bushfire events of the year at up to A$345 million, also