Suncorp dumps Warren Buffett insurance-protection deal

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Suncorp has dumped a deal with Warren Buffett’s Berkshire Hathaway that split the risks and rewards of the Australian insurer’s exposure to wild weather in Queensland.

The move was detailed on Friday as Brisbane-headquartered Suncorp, whose brands include AAMI and GIO, also said major natural disasters had a smaller impact than it had expected. However, the cost of some older claims had jumped.