Shares of Suncorp Group (ASX:SUN) fell on Monday amidst a warning that Tropical Cycle "Alfred" is expected to move towards the southeast Queensland coast from Tuesday, according to a Monday statement by the Australian Bureau of Meteorology.
The cyclone, classified as Category 1 and expected to intensify as Category 2, has wind gusts reaching up to 120 kilometers per hour and is traveling southeast at 20 kilometers per hour, the statement said.
The cyclone may cause widespread property damage, resulting in a large number of insurance claims to be paid.
Shares of SUN fell past 2% at market close.
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