Suncorp set for major hike to NZ quake II loss
Australian mega-cedant Suncorp is poised to add around
A$300mn-A$400mn to its reinsurance claim for the second
Christchurch earthquake, The Insurance
Insider can reveal.
The insurer's ground-up claim is set to move from A$2.2bn to
approximately A$2.5bn-A$2.6bn, with 100 percent of the
deterioration borne by Suncorp's long-suffering reinsurers.
Reinsurers have unofficially been told that the loss estimate will
move up, but an exact number will not be available until Suncorp
completes its half-yearly actuarial exercise.
The move is somewhat redolent of...
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