Business
QBE posts $1.9b loss after ‘costly catastrophe year’, scraps dividend – Sydney Morning Herald
The insurance giant’s chief executive Richard Pryce has said last financial year was one of the costliest in history for natural disaster claims due to the bushfires…
This was driven by the groups natural disasters bill for the year, which totalled $US668 million or 5.8 per cent of net earned premium – up from $US426 million in the prior year and $US134 million above its allowance. The bulk of these claims came from last summers Australian bushfires and east coast hail as well as fires in the US and Atlantic hurricanes.
Although a number of reinsurers have described 2020 as the fifth worst year on record, it was much worse for primary insurers because it was…
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