Analysts at JP Morgan have maintained a more positive perspective on Suncorp (ASX:SUN), a prominent Australian insurer, compared to its competitor, Insurance Australia Group.

Suncorp is viewed as more conservative in its guidance and seems to face fewer obstacles from reinsurance costs and natural hazard allowances.

The brokerage further claims that Suncorp appears cheaper based on valuation.

Comparative updates on reserve strengthening by Insurance Australia Group during its Annual General Meeting present more challenges and solidifies JP Morgan’s preference for Suncorp.

Currently, Suncorp’s shares have risen by 1.2% while Insurance Australia Group’s shares have jumped by 3%.

Suncorp is a major Australian insurance company with a wide range of offerings across various sectors.