Australian insurer Suncorp expects the recent supercell thunderstorms that brought large hail and destructive winds to South East Queensland and northern New South Wales to hit its full reinsurance retention of $350 million, with the storms prompting more than 10,000 claims as of 26th November 2025.
Of the total claims, approximately 5,000 relate to home and 5,000 to motor.
Although assessments are ongoing, Suncorp anticipates a net cost of around $350 million, reaching its maximum event retention.
Suncorp’s FY26 allowance for natural hazards is $1.77 billion.
Suncorp’s main catastrophe cover remains in place, with a maximum event retention of $350 million for a further two large events, as a result of the FY26 purchase of cover for a third large event up to $1 billion.
Based on the October Eastern States Severe Thunderstorms and the impact of recent events on deductibles, Suncorp’s retention for the next large Australian catastrophe is estimated to be between $240 million and $280 million.
Steve Johnston, CEO of Suncorp, said the company’s Disaster Management Centre is fully activated, with its Mobile Disaster Response Hubs already on the ground in the hardest-hit areas assisting customers, and builders working through emergency repairs.
“We are working hard to respond to every customer as quickly as possible, and I encourage impacted customers to lodge their claim online as soon as possible, even if the full extent of the damage is not yet known,” he said.
On 25th November, the Insurance Council of Australia (ICA) declared the South East Queensland hailstorms an Insurance Catastrophe.
The ICA noted that insurers have already received more than 16,000 claims across more than 140 postcodes for the event, which will be known as CAT 255.
The post Queensland and NSW storms push Suncorp to maximum reinsurance retention appeared first on ReinsuranceNe.ws.
