Suncorp increases insurance premiums up to 9% due to labor shortages, inflation, and extreme weather events.
Suncorp, an Australian insurance giant responsible for AAMI, GIO, and Apia brands, plans to increase insurance premiums by up to 9% due to labor shortages, inflation, and extreme weather events. Recent floods and bushfires have led to a surge in claims, increasing expenses for reinsurance and natural hazard allowances. Over 700,000 claims costing over $9bn have added $1bn to Suncorp's bottom line, which is passed onto customers, making insurance premiums a significant contributor to inflation following heavy flooding in 2022.
August 19, 2024
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