Australian Insurance Stocks In Focus After Storms Hit East Coast
- Two people have reportedly died amid storms, flooding, wind
- Shares of QBE, Insurance Australia underperforming this month
Residents cross floodwaters by boat in Cairns, Australia on Dec. 18.
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Australia’s battered insurance stocks may see further weakness when trading resumes Wednesday after extreme weather lashed the nation’s east coast over the holidays.
Two people have died from injuries related to intense storms, flooding and strong winds that have also damaged homes and infrastructure, local media reported as of Tuesday afternoon. The Insurance Council of Australia is still assessing the cost of the damage, a spokeswoman said by email.