Why the QBE (ASX:QBE) share price has been given a conviction buy rating

The QBE Insurance Group Ltd (ASX: QBE) share price was a very poor performer on Friday.

The insurance giant’s shares crashed 12.5% lower on the day to end the week at $8.71.

Why did the QBE share price crash lower?

Investors were selling QBE’s shares on Friday after it released an update on its expectations for FY 2020.

That update revealed that the insurer expects to report an adjusted net cash loss after tax of approximately $780 million. This was driven by a combination of COVID-19 costs, elevated catastrophe costs, an increase in prior accident year claims development, and a non-cash write-down in its North American business.

Is this a buying opportunity?

One leading broker believes that investors should be taking advantage…