The hail storms in Melbourne and the Chritschurch earthquake will cost Australian insurer Suncorp between AUD200 million and AUD250 million (£133 million to £166 million), according to a preliminary estimate from the insurer.
The company’s reinsurance protection will come into effect if the losses climb above AUD250.
Suncorp received around 28,000 personal and commercial claims relating to the storm and quake, but they say they expect to see more. This is because the events occurred over the Christmas period which impacted claim lodgement and assessment.
The Christchurch quake alone is expected to cost the company up to AUD20 million (£13.3 million).
These two events late in 2011 means the company expects it’s natural hazard costs for the second half of last year to be in the range of AUD390 million dollars – well above the AUD240 million they had budgeted for.
