Australia’s big three insurers have been swept up in a global stockmarket plunge as Greece’s financial woes continue to shake international markets.

Fears that Greece’s tottering economy would break the back of the Eurozone sent US sellers into a frenzy, with Australia’s ASX following suit.

Amid rumours an errant US trader or computer glitch may have caused widespread panic selling, the ASX 200 financials index fell 5.8% to 4632 points in the space of two days until last Thursday. By early this morning it had fallen further to 4484.50.

Insurers IAG, QBE and Suncorp were all caught in a mass exodus from financial stocks. Suncorp shares were the worst affected, falling 6.87% over two days to close $8.53 on May 6. As of early this morning, Suncorp shares have slid further to $8.19.

IAG and QBE were also affected by a torrid 48 hours, closing 2.3% and 3.5% down respectively last Thursday. QBE fell an additional 1% to close Friday’ session at $20.51, while IAG shares have now fallen 4.65% since Tuesday last week to open this morning at $3.69.

The European Union and the International Monetary Fund have pledged more than €100 billion ($142.5 billion) in aid to the Greek government provided it implements strict austerity measures.

Rioting has broken out in Athens and Thessaloniki as protestors gathered to voice their anger at cuts to public sector wages, a lifting to the retirement age and other measures aimed to step Greece’s ballooning public debt.