Eye-watering cost of supercell hail storms revealed
Major insurance provider Suncorp has revealed the multimillion-dollar damage bill caused by recent storms that battered the east coast of Australia.
Suncorp has estimated the natural hazards costs caused by hailstorms on October 31 is between $180 million and $220 million, with the financial toll sparked by widespread property and vehicle damage across both NSW and Queensland.
Estimated damage from the same storm cell that was not hail related is in the range of $30 million to $50 million.
In a statement lodged to the Australian Stock Exchange, Suncorp confirmed it had already received more than 6000 claims relating to the October hail event.
"As of 6 November, Suncorp had received around 6400 claims related to the QLD-NSW hail event, comprising approximately 3300 motor claims, 2800 home claims and 300 commercial claims," Suncorp said.
"Claims numbers are expected to increase, as customers continue to lodge their claims."
Suncorp has provisioned $348-$408 million for all natural hazard claims up to October 31.
For the current financial year, Suncorp has a $950 million natural hazard allowance for insurance claims relating to weather damage.
Originally published as Eye-watering cost of supercell hail storms revealed