Suncorp Pegs Financial Impact from Melbourne Hailstorm at Up to A$170 Million

By David WinningFeaturesDow Jones Newswires

Suncorp Group Ltd. (SUN.AU) on Monday estimated the financial impact of insurance claims from a severe hailstorm that struck Melbourne on Dec. 19 at between 160 million Australian dollars (US$126 million) and A$170 million.

Suncorp said the claims, which mainly reflect home and motor vehicle damage, would push total costs for natural hazards in the six months through December above its allowance for the half.

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The insurer estimates total natural hazard claim costs in Australia and New Zealand to be in the range A$406 million and A$416 million, and management said this is A$60 million and A$70 million above its allowance.

Suncorp said its allowance for natural hazards claims in the second half of the fiscal year is A$346 million.

-Write to David Winning at david.winning@wsj.com

(END) Dow Jones Newswires

January 07, 2018 17:23 ET (22:23 GMT)