Focus Is on Australian Insurance Stocks Following East Coast Storms
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(Source: Bloomberg) After severe weather battered Australia’s east coast over the holidays, the country’s insurance stocks may see further weakness when trading resumes on Wednesday.
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As of Tuesday, local media reported that two people had died from injuries caused by powerful winds, flooding, and storms that also damaged homes and infrastructure.
afternoon. According to an email from a spokesperson, the Insurance Council of Australia is currently estimating the cost of the damage.
After a tropical cyclone just a week ago caused life-threatening flooding in Queensland, the wild weather has made December a nightmare for Australia’s insurers. Both QBE Insurance Group Ltd. and Insurance Australia Group Ltd.
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have experienced monthly declines of over 4%, lagging behind both the country’s benchmark S&P/ASX 200 Index and worldwide peers.
According to Angus Hines, a senior meteorologist at the Bureau of Meteorology, who spoke with Australian Broadcasting Corp. on Tuesday, parts of Australia most likely experienced their wettest Christmas on record and are still experiencing a “extensive thunderstorm outbreak” caused by warm coastal waters.
According to Hines, storms are probably going to last through Wednesday. Once the afternoon’s peak threat has passed, there’s a chance “we will start to see some of that activity subside,” he said.
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