Insurance shares are getting hammered after storms on Australia's east coast

Sydney’s northern beaches hit by large waves. Daniel Munoz/Getty Images

Insurance shares were being sold down today after wild storms on the Australian east coast at the weekend.

IAG had lost 2.4% to $5.71, QBE 1.85% to $12.18 and Suncorp 1.88% to 12.540.

Parts of Queensland and New South Wales were battered by storms at the weekend with destructive winds, heavy rain high tides and damaging surf.

Many coastal and low lying suburbs of Sydney northern beaches area had to be evacuated.

The NSW State Emergency Service did 280 flood rescues.

Victoria and Tasmania are waiting for their turn as the storm travels south.

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