Suncorp has ditched a specialised type of disaster insurance protecting its book from cumulative losses, after the cost became too prohibitive this year.
The move has the potential to trigger earnings volatility for investors. The cover being dropped is called aggregate reinsurance, and offers protection after an accumulation of smaller wild weather events such as hailstorms.
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Liam Walsh writes on investigations and companies with The Australian Financial Review. He has won multiple media awards, worked in Japan and is now based in Brisbane. Email Liam at liam.walsh@afr.com.au
