Top insurer QBE Insurance Group plunged as much as 15 percent to a 10-month low after cutting its full-year profit outlook on Hurricane Sandy and large catastrophe claims. It ended 8.3 percent lower at A$11.80.

The benchmark S&P/ASX 200 index fell 14 points to 4,448, according to latest available data. The benchmark fell 0.5 percent on Friday to end the week flat.

New Zealand's benchmark NZX 50 index climbed 0.6 percent to 3,984 points.