The insurance arm of Suncorp has a maximum $200 million exposure to Queensland’s cyclone Marcia.
Gale force winds of up to 140 kms an hour have hit the Yeppoon area, north east of Rockhampton.
The group’s insurance brands include Suncorp, AAMI, Apia, GIO and Vero.
Reinsurance coverage will limit the financial impact of the cyclone to a maximum of
$200 million pre-tax.
Suncorp says it’s preparing to deploy its major claims event capabilities for Marcia.
Its shares are trading 1.3% down to $13.74.