These ASX shares are falling after being hit by broker downgrades today

The market may be on a backfoot today but two ASX stocks in particular are underperforming after they got hit by broker downgrades.

The S&P/ASX 200 Index (Index:^AXJO) slipped 0.4% in after lunch trade. The big banks like Westpac Banking Corp (ASX: WBC) and major miners like BHP Group Ltd (ASX: BHP) are contributing to the decline.

No ASX stock insurance against a broker downgrade

But its more than the general market weakness that is dragging on the Insurance Australia Group Ltd (ASX: IAG) share price.

The analysts at Macquarie Group Ltd (ASX: MQG) believe insurers will exceed their first half hazards allowances when they hand in their interim results next month.

Blame La Nina for this. It probably contributed to the 100-year…