Suncorp has become the latest insurer to be hit by the series of natural disasters in Australia and New Zealand last year.
The general insurer said on Friday that it expected natural hazard costs for the six months to December 31 to be between A$360 million ($471 million) and A$420 million thanks to freak storms in Australia and the earthquakes in New Zealand.
That would be up to A$180 million more than the A$240 million budgeted for the period, Suncorp said.
The Christchurch earthquakes, which local authorities estimate cost $23 billion in total losses, are expected to add between A$10 million and A$20 million to Suncorp's liabilities.
AdvertisementAdvertise with NZME.
Shares in Suncorp lost A28c, or 3.2 per cent, to close at A$8.42 on Friday.