June 30, 2020 / 11:11 PM / 3 days ago

CORRECTED-Australia insurer Suncorp sees higher natural hazard costs for 2020/21

(Corrects headline and lead to say natural hazard costs will be higher, not lower)

July 1 (Reuters) - Australia’s Suncorp Group Ltd said on Wednesday it had set aside A$90 million to A$130 million ($62 million-$90 million) more for natural hazard costs in 2020/21 than last year, when bushfires ravaged large parts of the country.

Australia’s second-largest insurer, which had an estimated A$820 million in natural hazard costs for 2019/20, also named Clive van Horen as chief executive of its banking unit.

$1 = 1.4486 Australian dollars Reporting by Shashwat Awasthi in Bengaluru; Editing by Tom Hogue

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