Suncorp CEO Steve Johnston (pictured) and chief executive consumer Insurance Lisa Harrison visited Harcourt in regional Victoria on Feb. 1 to meet with families impacted by the recent bushfires as local recovery efforts continue.
The senior executives’ visit placed Suncorp’s leadership in one of the key bushfire‑affected communities as the insurer progresses claims arising from the central Victoria fires. Suncorp has had teams and Mobile Disaster Response Hubs operating in Harcourt and surrounding areas for the past two weeks, working with policyholders to lodge claims, assess losses, and initiate early recovery steps. “Our teams have been active on the ground in Harcourt for the past two weeks, working directly with affected families to help them lodge claims and accelerate recovery efforts,” Johnston said. He said some customers in the area had experienced extensive damage, including the loss of recently upgraded properties. “One customer had just completed a major renovation of his home, a project he and his family had long dreamed of finishing. To see years of planning and hard work destroyed so soon after completion is particularly devastating for them,” he said.
To date, Suncorp has received 300 claims linked to the Longwood and Harcourt bushfires, including 185 home and 119 motor claims. The insurer is deploying builders and claims staff to carry out site inspections, manage debris removal, and prepare for eventual rebuilding where conditions allow. Johnston, who also chairs the Insurance Council of Australia (ICA), said Suncorp is working with the Victorian government and local councils as part of broader recovery and clean‑up efforts. “We are collaborating with all recovery agencies to ensure impacted families can re-establish their lives as quickly as possible, with Suncorp builders currently on the ground coordinating the removal of debris and preparing land for the rebuilding phase. We are prioritising claims for those impacted in these fires and encouraging all those impacted to contact their insurer to get this process started,” Johnston said.
Across the wider bushfire event, the ICA estimates that fires burning in parts of Victoria since Jan. 7 have generated more than $200 million in insured losses from 3,123 claims as of Jan. 28. The claims span home, motor, commercial property, and business interruption classes, with about 30% of property claims expected to be total losses. Insurers have deployed staff and set up temporary sites in Castlemaine, Harcourt, Natimuk, Seymour, Skipton, and Yea. Their presence is intended to give policyholders local contact points for lodging claims, clarifying cover, and planning next steps, with additional locations to be added as fire conditions stabilise and access improves. The ICA has reminded customers that insurers can access policy details through electronic records and do not require physical documents. Policyholders are being advised to record damage using photos or video, speak with their insurer before starting any clean‑up or repair work, and check policy terms regarding temporary accommodation if their home is unsafe.
For the general insurance sector, the Victorian bushfires sit alongside ex‑Tropical Cyclone Koji in Queensland and several severe storm systems as recent catastrophe events feeding into personal lines performance and pricing reviews. Equity analysts covering Australian insurers expect these events to contribute to further premium pressure, particularly for motor and home in regional and higher‑risk areas, on top of existing claims inflation and reinsurance costs.
In a client note cited by The Australian, Morgan Stanley analyst Richard Wiles said the recent extreme weather is likely to affect first‑half earnings and “drive elevated pricing for new insurance policies and renewals,” with motor claims costs identified as a key factor. Morgan Stanley estimates average motor premiums across the market are about 10% higher over the past year, while home insurance pricing has risen by around 3% following several years of earlier adjustments. The research outlines differing strategies among major carriers: for new motor business, IAG and Allianz are identified as pushing through more pronounced increases, while Suncorp has reduced pricing in some segments. In home and contents, IAG is reported to be easing rate momentum, whereas Suncorp has implemented some of the larger recent changes.
Wiles said Suncorp is targeting gross written premium growth of about 4% over the coming year, compared with an expected 7.5% for IAG, and pointed to industry feedback suggesting pressure on IAG’s organic customer growth, including reported market share losses for its RACV‑branded portfolio in Victoria. Pengana Capital fund manager Rhett Kessler described IAG as comparatively well positioned to manage catastrophe volatility, referring to its reinsurance structures and risk‑sharing arrangements. By contrast, he said Suncorp’s earnings profile is more volatile. Kessler noted that while customers are experiencing sizeable premium increases, insurers’ underlying cost bases appear to be rising more slowly, with implications for margins as catastrophe and claims trends develop.
