Australian Prudential Regulation Authority (APRA)'s data for the financial year 2020-21 found that Suncorp was one of the general insurance groups that dominated other insurance providers, reporting $10,191 million total business gross earned premium in the period.
Meanwhile, latest statistics showed that Suncorp had $46.52 billion in loans, a 1% increase for the September quarter compared with the April-June quarter, or 4% on an annualised basis.
The insurance giant also reported seeing an 18% increase in customers lodging home loan applications from the previous quarter, driven by its banking arm's competitive offerings, according to the Australian Financial Review (AFR).
The AFR reported that the good news came after reports that Suncorp's business lending book plummeted by 0.5% to $11.31 billion due to commercial lending falling as investment projects were completed and customers sold property to take “advantage of appreciating property values.”
It also followed the insurer’s announcement that they expect the October storms in South Australia, Victoria, and Tasmania to be costly.
As of November 03, Suncorp had received approximately 12,000 home and motor claims, expected to increase as the full extent of damage continues to unfold. It expects the total cost from the storm to reach $225 million to $250 million.
On the bright side, Suncorp Group CEO Steve Johnston confirmed that the insurer's supply chain was responding well and the company has not experienced issues related to border restrictions.
“We will continue to work closely with governments and the Insurance Council of Australia to ensure we can respond to customers as quickly as possible,” Johnston added.
