The Australian general insurer said Monday that the cost of natural hazard claims was in line with previous guidance and reflected the prevailing La Niña weather pattern. Suncorp also said that it had made some changes to its reinsurance program, to "reflect the material hardening of the global reinsurance market following elevated natural hazard activity in recent years." "Total reinsurance premiums for FY 2023 have increased significantly as a result of the hardening global reinsurance market," said Suncorp. It said the natural hazard allowance for FY 2023 is expected to increase to A$1.16 billion, up from A$960 million in FY 2022, which reflected the changes to the reinsurance program and the FY 2022 hazard experience. Still, Suncorp said the company still expected the FY 2023 underlying insurance trading ratios to be within the forecast 10%-12% range.

Source: Wall Street Journal July 04, 2022 04:03 UTC