(Reuters) -Australian insurer Suncorp Group said on Monday it expects to incur a cost of between A$350 million to A$410 million ($224.74 million to $263.26 million) for claims relating to several natural hazard events in the country.
Suncorp had received more than 13,000 claims as of the end of October, relating to five declared natural hazard claims since the start of its financial year, including flooding in New South Wales state.
The firm said the extent of damage was still unfolding, and that the preliminary cost range was based on historical patterns.
Suncorp has set aside a natural hazard allowance of A$1.16 billion for the 2023 financial year, split equally between the two halves. It also has comprehensive reinsurance program for “major events”, the firm added.
($1 = 1.5574 Australian dollars)
(Reporting by Harshita Swaminathan; Editing by Daniel Wallis)
