Australia's Suncorp sees limited claims cost from cyclone

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.