Committee hearings blog: Suncorp on climate
Adam Bandt is asking whether Mr Dransfield accepts scientific projections that Australia is heading for a 4 degree temperature rise, and what the impact of that would be.
Mr Dransfield says he "accepts the science" on climate change and Suncorp is working with its reinsurance broker Aon to model scenarios. He says he agrees that a 4 degree rise would be catastrophic.
He says Suncorp has increased its natural hazard allowance from $720 million to $820 million as a result of more frequent natural disasters and larger losses due to changes to the built environment. He says "there is no doubt" that Suncorp is buying more reinsurance protection.
"Do you support increased emissions reduction over the next decade?" Mr Bandt asks.
"As an organisation we support action on climate change," Mr Dransfield says. He says the focus is primarily on mitigation and "nearer-term" issues but that Suncorp would also support longer term measures.
The audio from Mr Bandt is very unclear so Mr Dransfield is having to partially guess what Mr Bandt's questions are. It's slightly painful to watch.
Daniel Mulino asks about how many disputed bushfire claims there are.
Mr Dransfield says very few. Some disputes have related to lapsed cover or cover taken out when an embargo is in place.
Mr Miller says there are 27 disputed claims out of more than 4000. He says 22 of those relate to soot.
Dr Mulino asks about the impact of COVID-19.
Mr Dransfield says SMEs are badly affected and that motor policies are also down, due to a reduction in new car sales.