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International

Insurer Suncorp says storm claims, costs to hit general insurance margin

December 14, 2015 Reprints

Australian insurer Suncorp Group Ltd. has said that its general insurance margin will be affected by storm claims and higher costs as a result of weaker Australian dollar, Bloomberg reported.

Suncorp CEO Michael Cameron said that the insurer has increased rates to offset the rise in claims.

"Costs have been increasing as a result of the lower Australian dollar and the impact of the $4 billion Australian ($2.9 billion) of weather events during 2015," said Mr. Cameron.

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Insurer Suncorp says storm claims, costs to hit general insurance margin

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