Suncorp disaster costs could hit $530m with Qld storms to come
Suncorp’s natural hazard bill could be as high $530 million so far this financial year and that’s before the wet season gets into full swing in Queensland.
Suncorp’s budget for natural hazards this year was $1.16 billion and it had already received 13,000 claims this financial year.
There had been five declared natural disaster events since July which alone could reach $410 million.
That included the Sydney east coast low in July ($90 million), Southern Australia winds and storms in August ($20 million). New Zealand storms in August ($20 million), the Victorian rain and floods in October ($180 million to $220 million) and the NSW and Victorian rains and floods ($40 million to $60 million).
Added to this was $120 million in claims from smaller events where the costs were below $10 million.
The total was between $470 million and $530 million, but that could change as more claims came in. There were 4600 claims alone in October when heavy rains and floods hit NSW and Victoria.
None of the storms included Queensland events, but the cyclone season only started last week. There is an expectation of four cyclones to cross the coast this season, but ocean temperatures were already well above normal and were likely to remain that way for the next three months, according to the Bureau of Meteorology.
However, weather models are showing more trouble for the southern states could be on the way. Your Weather Channel said two models were showing heavy falls from the Northern Territory to Victoria were possible over the next two weeks.
Falls of more than 300mm were possible over the Victorian alps and north western NSW, however weather was difficult to forecast beyond seven days.
“The models will eventually come into line, but wherever it is it’s not looking good, sadly,” the forecaster said
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