May 10, 2020 / 11:15 PM / 17 days ago

Australian insurer Suncorp's 2020 gross written premiums to be hit by virus

May 11 (Reuters) - Australian insurer Suncorp Group said on Monday it expects gross written premiums to be negatively impacted in fiscal 2020 as the coronavirus pandemic wreaks havoc on economic activity.

The company added that in response to the virus and the group’s expectations of its economic impact, its banking arm Suncorp Bank has included an A$133 million ($86.77 million) “management overlay” within the collective provision, equivalent to 23 basis points of gross loans. ($1 = 1.5328 Australian dollars) (Reporting by Shruti Sonal in Bengaluru; Editing by Muralikumar Anantharaman)

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