perhaps, premiums are difficult for Australians to pay everywhere but for SUN’s book, it is most dire in Queensland.
just see the accounting and impairments of the largest regional bank there last week out of Brisbane for evidence of that. If they can’t pay their home loans, how can they pay their insurance premiums? If a bank cannot account for the impairments due to their Queensland staff being unable to follow accounting principles, how will SUN’s fair?
SUN is rattled all right, I agree with you on that, almost half of what its SP was and still falling more than 2% on Friday.
Queensland becoming another PNG is not good for SUN.
IMHO it is inevitable SUN will have to move down to Sydney as Queensland becomes an abandoned economy depending on what happens October 31.
SUN Price at posting:
$8.41 Sentiment: Buy Disclosure: Held
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