Do we like them?

Do we like Suncorp?

Australian insurer (AAMI, GIO, Vero, Apia and others) based in Brisbane; sold its bank to ANZ.

Our score: 5 out of 10. A big, mainstream insurer with a patchy compliance record and fossil-fuel criticism, but a real coal exit. We'd hold it, not cheer for it.

Suncorp is one of Australia's big insurers, with brands like AAMI and GIO. Steve Johnston has been CEO since 2019. Duncan West took over as chair in 2025 when Christine McLoughlin retired. That followed the sale of Suncorp's bank to ANZ.

The compliance history is the weak spot. ASIC required Suncorp to refund A$17.2 million to customers who bought add-on car insurance through dealerships. A separate review of its reported breaches affected over 849,000 customers, and about $23 million was refunded.

On climate, the campaign group Market Forces has pushed Suncorp over its fossil fuel ties for years. Suncorp said its exposure was small. It later committed to stop covering new thermal coal. Market Forces welcomed that but warned about oil and gas.

After floods it deploys support teams, and it handled more than 34,000 claims in 2022. A royal commission heard an allegation that a flood victim was offered $30,000 for damage that cost $744,000 to fix. That was one complainant's claim, not a finding. We rate it a middling 5.