Suncorp (ASX:SUN) share price hits new 52-week high

Suncorp shares accelerated today despite no news being released from the insurance giant.

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The Suncorp Group Ltd (ASX: SUN) share price reached a new 52-week high of $11.47 earlier this afternoon.

Since then, the Suncorp share price has drifted lower and is swapping hands for $11.33 at the time of writing. That’s still 1.16% higher than yesterday’s close.

The boost in the Suncorp share price comes despite the company not releasing any news today.

However, yesterday Suncorp updated the market on an influx of claims to the financial brand’s insurance services from Victorians affected by the state’s recent severe wet weather.

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The company informed the market that as of Monday evening, it had received about 3,750 claims resulting from heavy rain, severe winds, and flash flooding in parts of Melbourne and regional Victoria. Most of the claims relate to property damage.

Suncorp stated it expects the number of Victorian claims to continue rising over the coming weeks.

The company is already $40 million over its year-to-date allocated budget of $915 million for natural hazards. It is also $5 million over its entire 2021 budget of $950 million for natural hazard claims.

In the year to 31 May, Suncorp has forked out $955 million for natural hazards claims in Australia and New Zealand. This excludes associated risk margins and claims handling expenses.

Suncorp share price snapshot

The Suncorp share price has been performing well on the ASX lately.

Currently, it’s up 15% year to date. It has also gained 20% since this time last year.

The company has a market capitalisation of about $14.5 billion, with approximately 1.28 billion shares outstanding.

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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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