At the 2024 Annual General Meeting, Suncorp Group Limited's (SUN.AX, SNMCY.PK) Chief Executive Officer, Steve Johnston, announced that the company managed over 100,000 extreme weather claims in 2024. This included 12 separate events in Australia and one event in New Zealand, with the total estimated cost of these events exceeding A$1.2 billion. This is particularly noteworthy given that 2024 was declared a drier El Nino year in Australia.
According to the CEO, the company has dealt with around 700,000 natural hazard claims over the past five years at a gross cost of around A$9 billion. The company's reinsurance and natural hazard allowances have increased by more than $1 billion since 2020, while inflation in home and motor insurance has increased by 7% and 13% respectively.
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