** Australian insurers gain after Cyclone Alfred gets downgraded to a "tropical low" on Saturday

** Suncorp SUN.AX gains as much as 4% to hit A$19.48, most since February 20

** QBE Insurance QBE.AX gains 1.5%, while Insurance Australia Group IAG.AX up 1.2%

** Australian insurance had reinsurance programmes in place in preparation of the Cyclone making landfall

(Reporting by Nichiket Sunil in Bengaluru)

((Nichiket.Sunil@thomsonreuters.com;))