Suncorp says its natural hazard costs for the financial year so far have reached $1.115 billion, with January storms and Ex-Tropical Cyclone Alfred in March the most expensive events.

The insurer, which experienced a relatively benign first half, has a full-year natural hazard allowance of $1.56 billion.

Fifteen events that each cost more than $10 million are included in the year-to-date total, with summer eastern rain and storms in January costing $92 million.

More than 31,000 claims have been lodged for Alfred, making it one of the largest events in Suncorp’s history by that measure.

The net retained cost for Alfred is estimated at $85 million, with recoveries from the federal government cyclone pool and other reinsurance arrangements offsetting gross costs.

“Suncorp continues to invest in improving its capabilities to support customers as quickly and effectively as possible, including through the investment in its Disaster Management Centre,” CEO Steve Johnston said today.

The insurer says its capital position is robust and above targets, but consideration of potential capital management initiatives, flagged for the fourth quarter, will be deferred.

“Given the recent market turmoil and volatility, we feel it prudent to defer consideration of capital management until the full year result in August,” Mr Johnston said.  

The insurer has also announced that Matt Leslie will become company secretary from June 1, replacing Darren Solomon, who will retire.

Suncorp today released a report titled Beyond The Event, which looks at the impact of and recovery from Alfred, which reached Moreton Island as a category 1 cyclone overnight into March 8.

The claims comprise 28,404 for home, 1372 for motor and 1364 for commercial. Brisbane represents 52% of the total, Gold Coast 34.9%, Richmond-Tweed 7.2%, Wide Bay-Burnett 2.4% and the Sunshine Coast 1.1%.

Some 9738 claims were lodged for food spoilage, probably due to widespread power outages caused by the storm.

A timeline shows 1886 claims were lodged on Sunday March 9, more than 4878 the next day, and 4431 on the Tuesday. Claims continued to number in the thousands for up to a week after the storm.

Suncorp severe weather meteorologist Andrew Bufalino says it is relatively rare for tropical cyclones to make landfall as far south as Alfred in southeast Queensland.

“In a warming climate, and subsequently sea surface temperatures, events like this will become more likely, potentially extending further south in decades to come,” he says in the report.  

“This highlights the increasing importance of preparedness and resilient infrastructure in the face of a changing climate.”