SUNCORP TAKES HUNDREDS OF FIRE CLAIMS

Written on the 29 October 2013

SUNCORP TAKES HUNDREDS OF FIRE CLAIMS

SUNCORP (ASX:SUN) has received about 400 NSW bushfire claims estimated to cost the insurer between $60 million and $70 million.

The group carries full-year natural hazard allowance of $565 million so is well covered in the event of this natural disaster, but there is risk things could get worse as the bushfire season is in its early stages as the storm season approaches.

Investors are slightly worried, with SUN down 0.6 per cent at $13.26 on what is a strong day for the banking sector.

Suncorp group CEO Patrick Snowball says assessors have been delployed to the affected regions.

“With the fires now contained, we can begin the task of helping customers re-build their homes and communities following these devastating bushfires,” says Snowball.

The bushfire update was part of the company’s required update on operations released to the ASX today.

Suncorp Bank CEO David Foster says lending growth continued due to strong branch distribution in growth regions complemented by customer acquisition through improved servicing of brokers.

“Home lending continues to benefit from investments in channel and geographic expansion to deliver broad-based growth across major national markets,” says Foster.

Bank impairment losses of $18 million for the quarter were within the bank’s medium-term expectation.

Gross impaired assets were reduced 7.7 per cent to $467 million as part of the planned runoff of the non-core portfolio. The residual balance of the non-core portfolio reduced by $340 million over the September quarter to $395 million.


Latest News

SKYCITY INJECTS $330 MILLION INTO FESTIVAL PLAZA REDEVELOPMENT

THE long-neglected and much maligned Festival Plaza in Adelaide has received a hero in the form of long-time neigh...

NEXTDC ENTERS BIDDING WAR WITH 360 CAPITAL GROUP FOR APDC

DATA centre operator NEXTDC (ASX: NXT) has started a bidding war with 360 Capital Group to take over Asia Pacific ...

THE AUSTRALIAN STARTUP THAT TAPPED IBM WATSON FOR ITS TECH-DRIVEN VOD SERVICE

VIDEO on demand technology startup Oovvuu has teamed up with IBM to launch a news platform powered by its AI produ...

SUPER RETAIL GROUP SAYS GOODBYE TO AMART SPORTS BRAND

A BRAND synonymous with Australian sporting goods, Amart Sports, will be retired from 1 November 2017. Super R...

Related News

SKYCITY INJECTS $330 MILLION INTO FESTIVAL PLAZA REDEVELOPMENT

THE long-neglected and much maligned Festival Plaza in Adelaide has received a hero in the form of long-time neigh...

NEXTDC ENTERS BIDDING WAR WITH 360 CAPITAL GROUP FOR APDC

DATA centre operator NEXTDC (ASX: NXT) has started a bidding war with 360 Capital Group to take over Asia Pacific ...

THE AUSTRALIAN STARTUP THAT TAPPED IBM WATSON FOR ITS TECH-DRIVEN VOD SERVICE

VIDEO on demand technology startup Oovvuu has teamed up with IBM to launch a news platform powered by its AI produ...

SUPER RETAIL GROUP SAYS GOODBYE TO AMART SPORTS BRAND

A BRAND synonymous with Australian sporting goods, Amart Sports, will be retired from 1 November 2017. Super R...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter