, Australia

Australia's Suncorp to lose $87m due to COVID-19

The pandemic has had a negative effect on gross written premiums.

Australian insurer Suncorp is expecting to take a $87m (A$133m) hit due to the coronavirus pandemic, reports Reuters.

The loss is partly brought about by the adverse impact on gross written premiums.

Group CEO Steve Johnson said the insurer has already granted discounts and premium waivers to 12,300 clients in Australia and New Zealand and has authorised $2.65b (A$4.05b) in loan deferrals.

Group costs for this year are estimated to be slightly above $1.76b (A$2.7b), including pay and leave entitlements remediation to some employees.

Here’s more from Reuters. 

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