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Insurer Suncorp takes $116.4 million cyclone hit

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The recent cyclone Marcia that hit Australia's Queensland state is likely to cost insurer Suncorp Group Ltd. up to $150 million Australian ($116.4 million), Courier Mail reports.

The Insurance Council of Australia has recorded 13,950 claims worth about $88 million Australian ($68.3 million) so far.

The insurer said that it was expecting expenses between $690 million Australian ($535.7 million) and $720 million Australian ($559 million) for the full year.

A target of 10% return on equity was now "unlikely to be achieved", Suncorp said.

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