Suncorp surpasses disasters budget as it watches for Victorian bushfires, QLD ex-tropical cyclone claims

Suncorp boss Steve Johnston says the insurance giant is on alert for potential increases in claims as a tropical cyclone affects north Queensland and the risks from fires persist in Victoria.

Mr Johnston on Monday moved to assure investors that there had not been a significant lift in the number of claims but bushfire risks were still high across southern Australia, and teams were monitoring the situation in Queensland. Suncorp has also surpassed its budget for disasters, citing nine separate storm events across the east coast and NZ between July and November.

“We are utilising satellite imagery to evaluate the damage ahead of our teams being able to be safely on the ground,” he said.

Widespread bushfires in regional Victoria and ex-Tropical Cyclone Koji in Queensland have wreaked havoc on communities since Friday. Suncorp on Monday reported about 60 home and motors claims from the fires and 80 in Queensland.

The company — the nation’s third-largest listed insurer by market cap — has allowed $1.77 billion for natural hazards in the 2026 financial year, with the total cost for the first half expected to be almost $1.32b — higher than the $866 million provisioned for. The most expensive were catastrophic hailstorms in south-east Queensland in November, at $350m, and severe thunderstorms in the east coast in October, at $240m.

The company advised its main catastrophe cover is in place for the rest of the financial year, with retention reduced to $260m.

“The hailstorms that hit parts of the east coast of Australia, particularly south-east Queensland in October and November, were particularly destructive, with more than 37,000 home, motor and commercial insurance claims being received,” Mr Johnston said.

The Insurance Council of Australia on Sunday declared the Victorian fires a significant event but said it was too early to yet comprehend the full extent of the disaster’s cost.

Suncorp is due to present its first half results mid-next month, its first as a pure insurer since its banking arm was hived off to ANZ in a $4.9b deal.