Australian general insurer Suncorp Group Ltd said on Tuesday that it expects costs associated with catastrophe reinsurance premiums to increase in fiscal 2024 on the back of adverse weather events through the La Niña cycle in recent years.

The combined cost of fiscal 2024 catastrophe reinsurance premiums and the natural hazard allowance is forecast to increase by 12% to A$1.36 billion as compared with last year, Suncorp said.

Group natural hazard experience for fiscal 2023 is expected between A$1.25 billion ($833.75 million) and A$1.28 billion against a previous allowance of A$1.16 billion, the company added.

($1 = 1.4993 Australian dollars)

(Reporting by Roushni Nair in Bengaluru; Editing by Shailesh Kuber)