Suncorp says natural catastrophe claims top $3B

BRISBANE, Australia—Suncorp Group Ltd. said its gross claims from major natural hazard events between last September and the end of April totaled $3.44 billion Australian ($3.68 billion).

After reinsurance, the Brisbane, Australia-based insurer said Monday that its net costs from major natural hazards for the period were $517 million Australian ($552.4 million).

Suncorp said the February earthquake in Christchurch, New Zealand, resulted in gross costs of $1.6 billion Australian ($1.71 billion) and net costs of $46 million Australian ($49.2 million).

The earthquake near Christchurch last September resulted in gross claims of $490 million Australian ($523.6 million) and net costs of $46 million Australian, said Suncorp, which operates under the Vero brand in New Zealand.

Remaining losses include flooding and Cyclone Yasi in Australia.