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Australia's Suncorp sees limited claims cost from cyclone

February 02, 2011 Reprints

Catastrophes P/C Insurers Asia-Pacific & Australasia Australia & New Zealand More + Less -

MELBOURNE, Australia (Reuters)—Australian insurer Suncorp Group sees claims costs stemming from a massive cyclone about to hit northeast Australia capped at $10 million Australian ($10.1 million), it said on Wednesday.

"Suncorp has a range of reinsurance protections in place that will minimize the financial impact of TC Yasi," it said, referring to the category 5 cyclone Yasi, which is expected to hit Queensland state on Wednesday night.

The insurance industry already faces claims of more than A$1.5 billion Australian ($1.52 billion) for damage wreaked by floods in eastern Australia in December and January.

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Australia's Suncorp sees limited claims cost from cyclone

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