The total net cost of natural hazards in 2016 was $730 million.

The natural hazards outcome was $60 million higher than the allowances made by the company for 2016.

"I sit on the Great Barrier Reef Foundation board so I get to see a lot of scientific analysis of climate change," he said.

"I can say with some confidence that the oceans are warming."

Suncorp's list of natural hazards in 2016. Suncorp

When asked if he believed climate change was caused by human activity Cameron said: "The extent of influence by humans is still difficult to quantify."

Cameron says he intervened to change Suncorp's reinsurance arrangements because an increased frequency of small-to-medium sized natural catastrophes were the "new normal".

"We spend a lot of time with reinsurers around the world," he said.


"They carry the can when the big stuff comes.

"But the weather patterns are changing – it's not just Australia, it's globally.

"There's strong evidence that weather patterns are definitely changing – there's clear evidence there's climate change."

In an attempt to reduce the volatility of future natural hazards Suncorp has bought $300 million of protection after the retained portion of natural hazard events greater than $5 million reaches a total of $460 million.

If this new cover had been in place over the past 10 years it would have been used in seven out of 10 years.

In the past Suncorp relied on reinsurance with maximum event retention of $250 million. This reinsurance was used to cover large scale catastrophes such as cyclones.

To gain further protection against these big events, Suncorp has reduced the maximum event retention for a second Australian event to $200 million and, for a third and fourth event to $50 million.

Cameron said the changes to Suncorp's reinsurance policies were partly designed to protect the company's capital.

"I want Suncorp to be resilient," he said.