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International

QBE takes $1.2-billion hit from cat claims, faltering emerging markets

February 26, 2018 Reprints

Australia-based QBE Insurance Group Ltd. recorded a net loss of $1.2 billion in 2017 due to a rise in natural disaster-related claims and underperformance at its emerging markets business, Nasdaq reported citing Reuters. The insurer posted a profit of $844 million in 2016. QBE had expected an after-tax loss of $1.2 billion driven by payouts related to California wildfires, storms in Australia and hurricane Maria. Gross written premiums declined nearly 1.5% to $14.2 billion from $14.4 billion in 2016.

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QBE takes $1.2-billion hit from cat claims, faltering emerging markets

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