Suncorp (ASX:SUN) currently estimates that total natural hazard costs across Australia and New Zealand for the four-month period to 31 October 2020, will be between $348 and $408 million.
The Queensland and New South Wales hailstorm on the 31 October was a major contributor to the figure.
As of 6 November, Suncorp had received around 6,400 claims related to the hailstorms, including over 3,000 motor claims.
These estimates exclude any associated risk margin or claims handling expenses.
Suncorp’s natural hazard allowance for the 2021 financial year is $950 million, evenly split between the first and second halves.
Shares in Suncorp (ASX:SUN) are trading 0.12 per cent lower at $8.18.