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Suncorp shares have risen after the insurer updated the market on the financial cost of weather events on Australia’s east coast in recent months.
It updated the market at 12.41pm.
As of last night, approximately 19,000 customers have been impacted by weather events on the east coast, with the majority of those customers in Queensland.
Suncorp says at this stage it expects the claims will be within its natural hazard allowance of $680 million for the half year to December 2023.
Steve Johnston, Suncorp Group chief executive, said he visited customers and Suncorp teams on the ground in the Gold Coast and Cairns, and he’d seen the damage that had occurred.
“While the damage I have seen across both the South East and Far North of Queensland has been significant and the recovery will take time, we have our teams and full supply chains mobilised and in action,” he said.
“These storms have been a reminder of the devastating impact of extreme weather and our deepest condolences to all those who have lost family and friends.
“I also want to thank everyone involved in the ongoing response and recovery who have rolled up their sleeves to help the community in a time of need – including our partners, the Queensland, New South Wales and Victorian SES,” he said.
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