Suncorp Bank’s exposure to the NSW bushfires is about 40 per cent of all insurance claims.
The 400 claims, totalling $60 million to $70 million, will result in payouts well within the Suncorp’s natural hazard events fund $565 million.
The Insurance Council of Australia’s latest estimate is $145 million from 1,041 claims. More than 90 per cent of damaged homes have been assessed.
Suncorp Group CEO Patrick Snowball says: “With the fires now contained, we can begin the task of helping customers re-build their homes and communities following these devastating bushfires.”