Suncorp’s gross losses from February’s Christchurch earthquake continue to mount, surpassing $2 billion.

A Suncorp spokesman last week confirmed the loss escalation, after UK reports citing anonymous sources speculated that the company’s gross loss from the February earthquake had leapt to $2.1 billion.

“We recently advised reinsurers that the expected gross cost of February’s Christchurch earthquake is just over $2 billion,” the spokesman told insuranceNEWS.com.au.

“This has not changed the net cost of the event to Suncorp, which is capped at $45 million by our reinsurance arrangements.”

Suncorp had previously revised its losses from the event, before reinsurance, from its initial estimate of $750 million to $1.6 billion, at an investor briefing in May.

“As all insurers and other stakeholders familiar with the New Zealand market will tell you, the situation in Christchurch is fluid,” the spokesman said.