Melbourne hailstorm to cost Suncorp $160-170mn in insurance claims
Insurance provider Suncorp has said it expects the recent hailstorm that swept across Melbourne to cost it somewhere in the region of $160mn to $170mn.
Through its brands such as AAMI, GIO and Suncorp, it expects around 21,000 home and vehicle-related claims, and will blow its payout budget for the fifth period in a row.
Indeed, Suncorp’s total natural hazard claim costs across the whole of ANZ for the six months to 31 December 2017 is currently estimated to be in the range $406-416mn, which is $60-70mn above its allowance for the half.
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Suncorp CEO & Managing Director Michael Cameron said: “Following the recent storm in Melbourne we quickly established a hail assessment centre in Melbourne’s east. This facility is assessing as many as 600 cars per day.
“The centre is designed to quickly triage and assess all hail affected vehicles, so we can make the repair process as seamless and efficient as possible for our customers.”
The storm struck on 19 December 2017, the Insurance Council of Australia (ICA) declaring it a catastrophe for damage that struck parts of regional Victoria and metropolitan Melbourne. At the time insurance losses were predicted to be at $105mn.
The storm was the fourth catastrophe declared by ICA, following storms and bushfires in New South Wales in February, and Cyclone Debbie which struck March and led to $1.61bn in claims.
Timeline: India takes unicorn leap with six in five days
We chart an historic week in India’s tech industry, where in just five days, between 5-9 April 2021, the country achieved six new unicorns, bringing India’s total to 10 in 2021 to date, an immense unicorn leap from just seven in 2020 and six in 2019.
April 5: Meesho
India’s first social commerce unicorn, Meesho raised US$300m from SoftBank, Facebook and Shunwei Capital, giving the Bangalore-based startup a US$2.1bn valuation, a threefold jump from its previous funding round in 2019. Founded in 2015 by two IIT-Delhi graduates, Meesho connects producers and resellers, helping small businesses sell through social media. It has 45m customers and has enabled 13m entrepreneurs to start their online businesses with no investment.
April 6: CRED
Founded just over two years ago, Bangalore-based credit card repayment app CRED raised US$215m from Falcon Edge Capital and Coatue, nearly trebling its valuation to US$2.2bn from its January US$80m round. Allowing customers to pay off their credit card debt while earning CRED coins which they cash in for rewards, CRED has grown rapidly during COVID-19, doubling its customer base to nearly 6 million in a year.
April 7: API Holdings / Groww
The first epharmacy startup to gain unicorn status, PharmEasy (API Holdings), which has digitised 60,000 brick and mortar pharmacies and 400 doctors across India, raised US$350m in a round led by Prosus Ventures. Founded by four former Flipkart employees as a way of making investing simple, investment platform Groww became India’s second-youngest fintech unicorn, raising US$83m in Series D funding led by Tiger Global, quadrupling its previous round in September.
April 8: ShareChat
New Delhi-grown social media startup ShareChat, founded in 2016 by Mohalla Tech raised US$502m from Lightspeed Ventures, Tiger Global, Twitter and Snap taking its raised total over six rounds to US$766m and pushing its valuation to US$2.1bn. The funding will be used to grow its user base and short video platform Moj, which launched in 2020 following TikTok’s ban in India. The regional language startup claims 280m users.
April 9: Gupshup
AI-led conversational message startup joined the unicorn club after raising US$100m from Tiger Global giving it a ten-fold valuation of US$1.4bn. The smart messaging platform, which has seen accelerated growth during the pandemic, was founded in Bangalore in 2005 by serial entrepreneur Beerud Sheth, whose online freelancing platform Elance is now listed. Gupshup’s API enables 100,000+ businesses to build messaging and conversation experiences across 30+ communication channels.