Suncorp CEO Says Business Performance Has Been Quite Strong

The video discusses the challenges faced by Suncorp due to La Nina weather events and COVID-19, resulting in numerous claims and financial impacts. Despite these challenges, Suncorp's market performance remains strong, with significant growth in insurance and banking sectors. The company is addressing rising premiums and input costs through strategic management, aiming to maintain competitiveness and profitability.

What were some of the challenges faced by the insurance company in the first half of the year?

• Increased competition from new companies

• Lack of skilled workforce

• Decline in customer base

• La Nina weather events and COVID-19 restrictions

How did the company perform in terms of written premium growth?

• 12% growth in written premiums

• 10% growth in written premiums

• 7.5% growth in written premiums

• 5% growth in written premiums

What is one of the reasons for rising insurance premiums?

• Improved economic conditions

• Decrease in natural hazard costs

• Increased frequency and severity of natural events

• Reduction in reinsurance costs

How has the company managed to suppress costs in the motor side of their portfolio?

• By outsourcing all repair processes

• By increasing the number of claims

• By reducing the workforce

• Through a best-in-class claims program and efficient supply chain management

What strategy is the company using to handle rising input costs?

• Reducing the number of insurance products offered

• Increasing the number of employees

• Implementing a comprehensive claims program and managing supply chain effectively

• Cutting down on marketing expenses