** 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;))
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.