Suncorp’s risk controls and ops face up to Queensland floods

Suncorp has faced severe operational and financial challenges in the wake of the Queensland floods and other natural disasters in Australasia during the past year. Group chief risk officer Robert Stribling explains how centralised operational procedures and prudent risk management have enabled the company to weather the storm.

There is no doubt that 2010/11 is shaping up to be an expensive financial year for insurers across Australia and New Zealand. In January alone, cyclones and storms across Queensland and Victoria caused an estimated A$2.75 billion ($2.9 billion) in damages, according to the Insurance Council of Australia. February’s 6.3 magnitude earthquake near Christchurch could end up costing as much as NZ$16 billion ($12.5 billion). Add to this the various smaller floods and bushfires that have plagued