(Reuters) - Australian insurer Suncorp Group Ltd said on Monday it expects the financial impact of the recent hailstorm in Melbourne to be between A$160 million ($125.81 million) and A$170 million.
The company said it expects to receive more than 21,000 claims across its insurance brands including AAMI and Suncorp, with the majority of claims for home and motor damage.
Suncorp said the total natural hazard claim costs for its half-year ended Dec. 31 would be in the range of A$406 million to A$416 million, which is A$60 million to A$70 million above the allowance for the half.
“We are focused on ensuring the safety of our customers and their families, as well as processing all claims as soon as possible to give customers peace of mind during the holiday season,” said Chief Executive Michael Cameron.
Suncorp remains well protected against further natural hazard events, the insurer added in a statement.
Suncorp said its half-yearly results will be released to the market on Feb. 15.
Reporting by Christina Martin in Bengaluru; Editing by Sandra Maler