BUZZ-Australian insurers eye weekly loss on Cyclone Alfred fears

Reuters

03-07

BUZZ-Australian insurers eye weekly loss on Cyclone Alfred fears

** Shares in Australian insurers were set for weekly losses as the sector prepares for tropical cyclone Alfred

** Insurance Australia Group IAG.AX trading 1.1% lower for the week while Suncorp SUN.AX and QBE Insurance QBE.AX were on track to lose 5% and 2.7%, respectively

** QBE set to snap two consecutive weeks of gains while shares in both IAG and SUN ended in the green last week

** Thousands of residents in Australia's east were ordered to evacuate ahead of Tropical Cyclone Alfred's landfall on Saturday as the storm brought heavy rains, huge waves and strong winds that cut off power, eroded beaches and closed airports

** IAG and SUN earlier in the week clarified they had a proper reinsurance program in place to deal with effects of the cyclone

(Reporting by Rishav Chatterjee in Bengaluru)

((Rishav.Chatterjee@thomsonreuters.com;))

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