News by sections

News by region
Issue archives
Archive section
Emerging talent
Emerging talent profiles
Domicile guidebook
Guidebook online
Search site
Features
Interviews
Domicile profiles
Generic business image for news article Image: Adobestock/wladimir1804

05 July 2024
Australia
Reporter Diana Bui

Share this article





Suncorp bolsters 2025 catastrophe reinsurance to US$6.75 billion

Suncorp has secured its catastrophe reinsurance programme for the 2025 fiscal year, keeping its maximum event retention at US$350 million and increasing its coverage limit to US$6.75 billion.

The main catastrophe programme covers the home, motor, and commercial property portfolios across Australia and New Zealand.

Steve Johnston, Suncorp Group CEO, says the programme aims to achieve an optimal balance between costs, earnings, capital volatility, and appropriate returns.

“It is pleasing to see stability return to global reinsurance markets after three years of disruption. Reinsurance is a major input cost to the price of insurance products, and this, along with broader economy-wide inflation, has driven up the cost of insurance premiums for customers in Australia and New Zealand,” Johnston notes.

Subscribe advert
Advertisement
Get in touch
News
More sections
Black Knight Media