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

FORMER MFS EXECUTIVES HIT WITH DISQUALIFICATIONS AND MASSIVE FINES FOR MISAPPROPRIATING FUNDS

FIVE key players involved in an investment company that collapsed in 2008 owing $2.5 billion have been ordered to ...

SURFSTITCH BATTLING FOR SURVIVAL

QUEENSLAND based online retailer SurfStitch Group has gone into a voluntary trading halt for three months after it wa...

STARTUP SUCCESS BOILS DOWN TO PERSONALITY, SAYS EXPERT

THOSE who own startups will know that there are many essential qualities of a good entrepreneur; their tenacity, fina...

THE AMBITIOUS PLAN TO TURN A COLLAPSED FRANCHISE INTO AN EXPANDING BUSINESS

AUSTRALIA'S newest master franchise is set to launch in October as a commercial cleaning operation, resurrecte...

Related News

STARTUP SUCCESS BOILS DOWN TO PERSONALITY, SAYS EXPERT

THOSE who own startups will know that there are many essential qualities of a good entrepreneur; their tenacity, fina...

SLATER AND GORDON TAKES SPOTLESS TO COURT

SPOTLESS Group (ASX: SPO) has been hit by a class action launched by Slater and Gordon (ASX: SGH) in the Federal C...

TOPSHOP GOES INTO ADMINISTRATION AMID VOLATILE RETAIL MARKET

TOPSHOP has become the latest in a string of retailers blasted by the volatile retail market, as the iconic fashio...

SIGMA'S SHARE PRICE TAKES A BATTERING AS IT LAUNCHES LEGAL ACTION OVER SUPPLY DEAL

SIGMA Healthcare (ASX: SIG) has taken the MyChemist and Chemist Warehouse chains to court to demand they continue to ...

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