Another year of La Niña climate conditions has analysts worried the country’s general insurers – Suncorp and IAG – will face higher natural peril claims and increased reinsurance costs.
Suncorp Group picked an interesting time in the global weather cycle to sell its bank and become a “pure” stand alone general insurer.
It is removing the earnings diversification that comes from owning a bank at the same as climate scientists are predicting the La Niña weather pattern will persist for a third year in a row.
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Tony Boyd is the former Chanticleer columnist. He has more than 35 years' experience as a finance journalist. Connect with Tony on Twitter. Email Tony at tony.boyd@afr.com
