Suncorp has raised its full-year outlook for natural hazard costs to around $1.1 billion, with last week’s SA and Victorian storms expected to generate the highest level of claims for weather events to date this financial year.

The insurer expects natural hazard costs of $1.105-$1.130 billion for the fiscal year, which is $125-150 million above the $980 million allowance previously announced, which is divided equally between the first and second halves.

Suncorp has received about 12,000 home and motor claims from customers in SA, Victoria and Tasmania from the latest storms and expects the number to rise as the extent of damage continues to emerge. The total cost from the event is estimated at $225-250 million.

Group CEO Steve Johnston says local assessors and tradespeople are on the ground, while more than half of all home and motor claims from the event have been lodged online following a focus on digital customer experience.

“The group’s supply chain is responding well and we are not currently experiencing issues due to border restrictions,” Mr Johnston said today. “We will continue to work closely with governments and the Insurance Council of Australia (ICA) to ensure we can respond to customers as quickly as possible.”

The SA, Victorian and Tasmanian storms have been declared a catastrophe by ICA, which has called for government action to facilitate movement of insurance sector responders across the country as stormy weather points to an active disaster season.

Including the latest event, there have been six declared weather events in October, Suncorp says, while costs for the half have also been inflated by the Victorian earthquake and other storms in Australia and New Zealand.

The revised year-to-date estimated total for natural hazard costs is $597-702 million.

Mr Johnston reiterated calls for greater investment in mitigation and resilience to make homes and communities safer before natural disasters occur.

“Disaster mitigation, rather than disaster clean-up, is what Australia needs to focus on,” he said. “Preparing our homes and communities to better withstand extreme weather is a smarter investment than rebuilding.”