Floods to cost Suncorp $190 million; trigger reinsurance program

Insurer Suncorp Group Ltd. expects to pay out an estimated $250 million Australian ($190.5 million) in claims from the recent storms and flooding in New South Wales and Queensland, The Australian Financial Review reported. The estimates could trigger Suncorp’s reinsurance program. Suncorp has received 7,600 claims so far.

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