QBE Insurance records $1.2 billion loss
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Australia-based QBE Insurance Group Ltd. recorded a loss of about $1.2 billion in 2017 due to payouts related to wildfires in California, storms in Australia and hurricane Maria, Reuters reported. The payouts added about $130 million to QBE's net costs of catastrophes. The insurer said that its earnings are likely to take a hit from a write-off on its North American business and a poor performance in emerging markets.
