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.
