Focus Is on Australian Insurance Stocks Following East Coast Storms
Rummy East:1 Weather Battered Australia In Focus
(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.
As of Tuesday afternoon, local media reported that two people had died from injuries caused by powerful winds, flooding, and intense storms that also damaged homes and infrastructure. 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. This month, QBE Insurance Group Ltd.
Kerala Blasters VS East Bengal
and Insurance Australia Group Ltd. have underperformed, declining more than 4% apiece. Both domestic benchmark S&P/ASX 200 Index and international 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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