Suncorp: Reinsurance Will Protect Against Potential Cyclone Yasi
Suncorp Group Ltd. (SUN.AU) said it is protected against any Cyclone Yasi-related damage in Queensland state should it become a full cyclone, a spokesman for the insurer said Tuesday.
"We've already taken out additional reinsurance cover and that's turned out to be a prudent move," a spokesman for the regional bank and insurer said. "That's going to provide the protections from any further impacts such as Cyclone Yasi if it becomes a full cyclone."
The insurer, which has a large exposure to Queensland, has already said its reinsurance policy would limit the costs associated with the recent storms and flooding in Brisbane to between A$70 million and A$90 million. As for the flooding and other natural disasters, Suncorp said pretax costs will be between A$130 million and A$150 million.
The group also said its aggregate reinsurance coverage and property catastrophe program would limit the financial impact of any other natural disasters.
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