Australian insurers slide on flagging impact from NZ floods

NIB Holdings

30/01/2023 24:32

** Shares of Insurance Australia Group  IAG.AX  fall as much
as 5.9% to A$4.78, their worst intraday loss since Nov. 2, 2021
    ** Peer Suncorp Group  SUN.AX  also falls as much as 2.8% to
A$12.45, their worst intraday loss since Jan. 10  
    ** IAG says it got over 5,000 insurance claims related to
floods in New Zealand, Suncorp says it got about 3,000; both say
number of claims expected to rise 
    ** New Zealand's North Island sees flash floods over the
weekend, with death toll of four, and more adverse weather
expected 
    ** IAG says it is "too early" to determine financial impact
from the floods, but flags possible review of its FY23 natural
peril cost of A$909 million ($646.21 million) 
    ** Other insurers QBE Insurance  QBE.AX  and NIB Holdings
 NHF.AX  also trade as much as 2.9% and 2.3% lower respectively 
($1 = 1.4067 Australian dollars)
 (Reporting by Harshita Swaminathan)
 ((Harshita.Swaminathan@thomsonreuters.com))