QBE's earnings take $600-million hit from catastrophe claims

Australia-based QBE Insurance Group Ltd. said that its pre-tax earnings will take a $600-million hit due to claims from hurricanes in the Atlantic and earthquakes in Mexico in the year, Reuters reported. "It's a 77% downgrade to 2017 earnings, on the back of these,” said David Spotswood, analyst at Australia-based investment advisory firm Shaw and Partners Ltd. QBE said that it had increased its allowance for large individual risk and catastrophe claims to $1.7 billion for the year.

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