INA-  sources

Eight people have died in Australia after severe storms lashed the nation’s east coast on Christmas Day and Boxing Day, while a number of people remain missing amid ongoing rescue operations. 

The Insurance Council of Australia declared the storms a significant event for Queensland, New South Wales and Victoria. Insurers have already received more than 7,500 claims related to the storms across three states. ICA Chief Operating Officer Kylie Macfarlane said it was too early to know the full extent of the damage in the areas and to estimate the damage bill. 

Shares in QBE Insurance Group Ltd. dropped as much as 0.75% in the first trading day since the Christmas break, while Insurance Australia Group Ltd. and Suncorp Group Ltd. dipped as much as 1.76% and 1.23% respectively. 
 
In the state of Queensland, five people including a nine-year-old girl have died in a range of incidents as a result of the storms, according to Police. Three died after a large boat capsized near Green Island in Moreton Bay, which had a total of 11 people on board. The other eight people on have been rescued. 


In the southern state of Victoria, a woman was found dead after flash flooding hit a campground in the state’s east. It came after a man earlier died after being hit by a falling tree branch, local media reported. In New South Wales, the State Emergency Service has been helping communities clean up after giant hail, heavy rainfall and flash flooding across large parts of the state.  

In the Sydney to Hobart yacht race, competitors are facing squalls of 30 knots or more. The total fleet now stands at 95 boats after the Wednesday withdrawal of “Georgia Express” with rigging issues. Two crews withdrew from the race earlier on Wednesday due to “various issues”, organizers said in an update. One yacht called “Sticky” suffered a lightning strike and electrical damage but there were no reported injuries. Another entrant, “Maritimo 52” had rigging damage. 

The Boxing Day Test between Australia and Pakistan has resumed after rain delays hit on the first day. 

sources: Bloomberg BNN