Australia's Suncorp renews reinsurance programme for FY2022

The FY2022 reinsurance tower will grant Suncorp with $4.9b (A$6.5b) of protection.

Australia’s Suncorp has renewed its reinsurance programme for FY2022 with the structure of its main catastrophe programme maintained from the previous FY, according to media reports.

The FY2022 reinsurance tower will grant Suncorp $4.9b (A$6.5b) of protection for its home, motor, and commercial property portfolios across Australia and New Zealand.

In addition, Suncorp’s maximum event retention remained at $187m (A$250m) with no changes to its drop-down aggregate protection and aggregate excess of loss treaties at the renewal, reports said.

Meanwhile, Suncorp expects its natural hazard allowance to be set at $734.7m (A$980m).

Suncorp has said that its FY2022 reinsurance programme and natural hazard allowance are in line with its three-year plan.