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Suncorp losses exceed budget, gets “significant recoveries” from reinsurance

August 8, 2022

Australian primary insurance giant Suncorp reported its fiscal year 2022 results to June 30th this morning, revealing that its natural hazard losses ran above budget during the year, resulting in “significant recoveries” from its reinsurance.

In fact, revenues from reinsurance and other recoveries for its Australian insurance business was reported to have reached AU $2.26 billion for the fiscal year, 170% up on the prior year’s AU $837 million.

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