Suncorp bushfire claims total $23 million
Suncorp Metway advises that as at midday today (Tuesday) the company and its GIO insurance subsidiary had received 182 insurance claims arising from the devastating bushfires which have affected the Australian Capital Territory and neighbouring parts of southern NSW.
The claims are estimated to be worth a total of $23 million pre-tax. Further claims are expected to be received in coming days and the group expects total claims arising from the event to be in the region of $30 million pre-tax.
Suncorp and its GIO insurance subsidiary have reinsurance arrangements in place which limit the group's insurance exposure to any single event to $35 million after tax ($50 million pre-tax). Costs above that amount are covered by reinsurance arrangements, up to a total of $1.0 billion (pre-tax).
Suncorp Chief Executive John Mulcahy said the group's main priority at this time was to assist customers affected by the tragic events.
"Suncorp and GIO have put in place a series of initiatives to support customers through the emergency," said Mr Mulcahy.
"The company has 20 experienced insurance assessors in the field to provide service to customers. Where possible, for customers who claim for contents and motor vehicle total losses, we are aiming to make payments of the claims within 72 hours. Assessors have also been asked to report on cases of hardship so that interim financial relief can be made available, and we are organising our preferred builders to start the repair and rebuilding process as soon as possible.
"We are also offering relief for our Suncorp mortgage customers affected by the disaster, enabling them to suspend repayments and restructure loans without incurring fees. We are also waiving fees on new personal loans or early withdrawals from term deposits," he said.
21 January 2003
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For further information, contact Joe Dowling on 07 3835 5769, or 0408 884737
