Insured losses from April, May weather $1.24 billion: Suncorp

Steve Johnston, chief financial officer of Australian insurer Suncorp Group Ltd., has said that the recent severe weather and catastrophe events in April and May are likely to cause about $1.55 billion Australian ($1.24 billion) in insured losses, Artemis.bm reported.

The gross insured loss cost to Suncorp is estimated to be $400 million Australian ($321.4 million), said Mr. Johnston.

The insurer will call on its reinsurance to help pay for the losses, added Mr. Johnston.

Read more