Insights

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

Suncorp shares accelerated today despite no news being released from the insurance giant.
The post Suncorp (ASX:SUN) share price hits new 52-week high appeared first on The Motley Fool Australia. –

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.

Latest news

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.

The post Suncorp (ASX:SUN) share price hits new 52-week high appeared first on The Motley Fool Australia.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of May 24th 2021

More reading

Suncorp (ASX:SUN) share price pushes higher on claims update
Why Telstra (ASX:TLS) and this ASX share could be top options for a retirement portfolio
2 top ASX dividend shares with attractive yields

Top brokers name 3 ASX dividend shares to buy today

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. 

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.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!