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QBE - QBE Insurance News Story

A$8.83 -0.1  -0.6%

Last Trade - 29/05/20

Sector
Financials
Size
Large Cap
Market Cap £6.21bn
Enterprise Value £8.52bn
Revenue £11.85bn
Position in Universe 42nd / 1842

UPDATE 1-Australia storm sweeps three to their death as it pounds east coast

Mon 6th June, 2016 6:56am
(Writes through) 
    By Jim Reagan and Swati Pandey 
    SYDNEY, June 6 (Reuters) - Giant waves, cyclone-strength 
winds and torrential rain swept three people to their deaths on 
Australia's east coast on Monday after the storm forced hundreds 
to flee their homes. 
    Waves up to five metres (17.5 feet) were pounding much of 
the east coast, including Sydney, with the Bureau of Meteorology 
warning of further danger as the storm moves south. 
    Two bodies were found in cars washed away in flood waters 
while a man was swept off the rocks south of Sydney's surfing 
beach of Bondi, police said. 
    The New South Wales state emergency services said they had 
received more than 9,250 calls and had conducted 280 flood 
rescues.  
    Insurers received more than 11,150 claims with estimated 
insured losses of A$38 million, the Insurance Council of 
Australia said. It expects the number of claims to rise further 
over the coming days. 
    Stocks in Australia biggest insurers, including QBE 
Insurance  QBE.AX , Insurance Australia Group  IAG.AX  and 
Suncorp  SUN.AX , skidded in a stronger wider market.     
    But CLSA analyst Jan Van Der Schalk did not see a major 
earnings impact on insurers who said they were still assessing 
the impact of the catastrophe. S9N0ZH019           
    Australian websites including Channel Nine  NEC.AX , Foxtel 
Play  TLS.AX   NWSA.O  and Domino's Pizza  DMP.AX  went down on 
Sunday when Amazon Web Service's  AMZN.O  Sydney zone 
experienced a two-hour power outage, ITnews website said. 
    An Amazon spokesman declined to comment but Amazon Web 
Services' status page on Monday showed several connectivity 
issues in Sydney had been resolved. 
    Automated teller machines and point-of-sale banking services 
were also hit. 
    A spokeswoman for the Port Authority of New South Wales 
state said Newcastle, the world's largest exit point for 
sea-borne thermal coal and used by global miners Glencore 
 GLEN.L , Rio Tinto  RIO.AX   RIO.L  and Anglo American  AAL.L , 
was placed on restricted ship movements over the weekend but did 
not sustain any damage. 
    "While some sites had minor production interruptions, none 
of these has impacted our contractual obligations or production 
forecasts," Glencore said.   
    Port Kembla, the largest vehicle import hub in Australia,   
remained closed as the storm moved south. 
 
 (Editing by Nick Macfie) 
 ((jim.regan@thomsonreuters.com; +612 9373-1814; Reuters 
Messaging: jim.regan.reuters.com@reuters.net)) 
 
Keywords: AUSTRALIA WEATHER/
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