Suncorp

Suncorp appoints Higgins permanent NZ CEO

Suncorp has promoted Jimmy Higgins to CEO of its New Zealand business on a permanent basis, with the executive having already held the position for an interim period since July.

Suncorp to end coverage for oil and gas industry

Australian insurer Suncorp is to stop financing or insuring the oil and gas industry by 2025, adding to the group’s existing ban on support for new thermal coal projects.

Suncorp handed reinsurers A$1bn cat bill in FY20, sees “neutral” Covid impact

Suncorp passed A$1bn ($720mn) of claims to its reinsurers during its 2019/20 financial year while the company has detailed how lower motor claims due to Covid-19 ware expected to outweigh the impact of reduced premium and potential losses from the pandemic by some A$20mn in its insurance operations.

Suncorp adds A$400mn agg XoL to cat programme amid operating overhaul

Suncorp has completed the renewal of its catastrophe reinsurance programme ahead of the start of its upcoming financial year with the Australian insurance giant adding a new A$400mn ($270.7mn) aggregate excess of loss (AXoL) cover.

QBE dips as Asia-Pacific stocks mixed on second virus wave

Shares in QBE closed 1.5 percent lower on Wednesday as Asia-Pacific (re)insurance stocks traded mixed on persistent fears over the surge in coronavirus cases in parts of US, Brazil and Asia.

Suncorp names ex-CBA executive Bennett as CIO

Australian insurer Suncorp has named former Commonwealth Bank of Australia (CBA) business and private banking group executive Adam Bennett as chief information officer (CIO).

Asia P&C stocks gain on Chinese recovery data; FTSE points higher

Shares in Asia Pacific edged higher on Friday with investors buoyed by fresh indications that China’s economy could be recovering from the coronavirus-driven downtown despite rising trade tensions between the US and China.

Suncorp: 1.7 cat renewal on track but aggregate covers “challenging”

Australian heavyweight general insurer Suncorp says it remains “on track” to complete the renewal of its multi-structured cat reinsurance programmes despite the heavy bushfires and hail losses in 19/20.

Asia-Pacific stocks rally despite Chinese growth figures

Asia-Pacific (re)insurance stocks rallied on Friday despite damning Chinese growth figures which highlighted a historic contraction in the world’s second-largest economy.

Australia leads APAC sell-off as Wall Street futures plunge

Asia-Pacific markets fell sharply on Monday with Australian stocks leading the sell-off as investors reacted to an altered global business landscape characterised by lockdowns and closures intended to slow the spreading coronavirus.

Asia-Pacific insurance stocks trade down again as coronavirus shakes market

Insurance stocks in Asia-Pacific fell for a third day on Wednesday following another sharp sell-off on Wall Street and in Europe sparked by a warning that the spread of the coronavirus in the US was inevitable and rising concerns of new cases in Europe.

Japanese insurance stocks trade down on coronavirus crisis

Stocks in Japan’s three leading property insurers saw sharp declines on Tuesday as Asian markets slipped following an overnight plunge on Wall Street and an earlier decline in Europe as fears of the economic impact from the coronavirus outbreak spread.

QBE bucks Australian stock trend as shares rise 5% to five-year high

Shares in ASX-listed QBE rose by 4.3 percent in the latest trading session, bucking the trend set by fellow Australian carriers IAG and Suncorp, which each saw their shares dip to a respective 52-week low last week.

Suncorp share price slumps to 52-week low as Q4 results reveal bushfire reinsurance hit

Shares in Australian carrier Suncorp were trading at a 52-week low today following the release of the carrier’s Q4 results, which included the impact of recent devastating bushfires on its reinsurance programme.

Bushfires and storms burn halfway through Suncorp agg cover

The devastating Australian bushfires and a series of storm events between November and the end of January mean that Suncorp has exhausted up to half of the reinsurance limit under its A$300mn ($200mn) natural hazard aggregate protection (NHAP).

Suncorp to begin recovering on main agg programme

Suncorp has confirmed it expects to begin making recoveries from reinsurers under its main A$300mn ($202mn) aggregate cover because the devastating bushfires and January weather events in Australia combined with loss events the latter half of 2019 are set to fully erode the A$515mn ($346mn) deductible.

Single event definition to determine Australian reinsurance payout: AM Best

The reinsurance coverages triggered by the Australian bushfires remains uncertain, with terms and conditions likely to come under great scrutiny, AM Best has commented.

Record-breaking Australian bushfire losses soar to A$1.65bn: ICA

Insured losses in the wake of widespread bushfire damage in Australia have reached A$1.65bn ($1.13bn), according to the Insurance Council of Australia (ICA) – making the catastrophe the most expensive bushfire event on record.

Australian bushfire losses reach A$1.34bn as IAG and Suncorp pull cover

The Insurance Council of Australia has updated loss estimates for the catastrophic bushfires that are continuing to impact the country, pegging losses at A$1.34bn ($924mn), while two of the country’s largest insurers have temporarily halted sales of policies and the processing of claims in impacted regions.

Mounting bushfire losses push Suncorp close to agg attachment

Suncorp is as little as A$50mn away from meeting the attachment point of its A$300mn natural hazard aggregate protection (NHAP) cover as losses from the spate of bushfires currently ravaging Australia mount up.

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