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Suncorp warns Auckland floods could trigger reinsurance

Posted On: Jan. 31, 2023 9:52 AM CST

Flood risk

Australia's Suncorp Group Ltd. and Insurance Australia Group Ltd. have warned of impending losses from the severe flooding in Auckland, New Zealand, with Suncorp saying that its reinsurance arrangements could be triggered and the potential for claims is expected to be significant, Artemis reported. Suncorp's flood event loss will be capped at $50 million New Zealand ($32.3 million), net of reinsurance cover, while IAG could raise its catastrophe budget. IAG's maximum retention from such floods is $236 million Australian ($165.3 million).