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Suncorp says Owald to cost it $220 mln

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SYDNEY, Feb 6 AAP

February 06 2013, 6:31PM

Insurance group Suncorp Group has received about 23,000 claims associated with ex-tropical cyclone Oswald, saying the cost of claims will be limited to no more than $220 million .

Suncorp also told the Australian Securities Exchange that its 30 per cent quota share arrangement on the Queensland home insurance portfolio would limit the net cost of claims.

This is expected to between $200 million and $220 million for the affected areas across Queensland and New South Wales.

"Suncorp makes provisions for natural hazards and has an allowance of $520 million for events in the 2013 financial year," it said in the statement issued on Wednesday.

"As previously disclosed, for the six months to 31 December 2012, Suncorp's total natural hazard claims were $147 million. Other natural hazard events in January, including bushfires and storms in Tasmania and Victoria, total approximately $50 million."

Suncorp Personal Insurance chief executive Mark Milliner said a Suncorp team had mobilised over a wide area to respond to customers affected by the storms and flooding.