Suncorp Group (ASX:SUN) said it is preparing for the impact on large areas of southeast Queensland and northern New South Wales from a potential landfall by Tropical Cyclone Alfred this week, according to a Tuesday filing with the Australian bourse.
The firm has a reinsurance program to provide protection against large weather events, with a maximum event retention of AU$350 million.
Its main catastrophe cover provides protection of up to AU$6.75 billion with a full reinstatement in place, per the filing. Suncorp also maintains some residual cover from its Queensland Quota Share arrangement, which remains in place for around 25% of home customers in the state.
Suncorp's disaster Management center is active, and its disaster response team is monitoring the weather system as it approaches the Queensland coast. It is preparing our response and claims teams to assist impacted customers.
The insurer's shares fell nearly 2% in recent trading on Tuesday.
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