Business
Why the Suncorp (ASX:SUN) share price is tumbling lower today
The Suncorp Group Ltd (ASX: SUN) share price is on course to start the week with a decline.
In afternoon trade the insurance and banking giant’s shares are down 2% to $9.93.
Why is the Suncorp share price under pressure?
Investors have been selling Suncorp’s shares on Monday following the terrible floods in New South Wales and South East Queensland this weekend.
With the two states battling the worst flooding in 60 years, investors appear to be expecting a significant increase in claims from Suncorp’s customers.
This afternoon Suncorp provided an update to the market on what is was experiencing on its side.
What did Suncorp announce?
According to the release, as of 10am this morning, Suncorp had received around 1,300 claims…
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