Christmas Melbourne hailstorm hits Suncorp’s 1H
February 22, 2012
A six-month catastrophe bill of A$389m ($414m) and soaring reinsurance costs contributed to profits in Suncorp’s insurance division dipping by 45% year-on-year to A$162m for the first half of the 2012 Australian financial year. More than half the tab – A$234m – related to the carrier’s exposure to the Christmas Day hailstorms in Melbourne, as Australia’s largest general insurer saw its natural hazards allowance for the period soar A$149m over budget. Last...