Australian Insurer QBE is the latest Insurer to advise of a profit downgrade after a year of record catastrophe claims, it cut its insurance margin expectation for the year to 7-7.5 percent.
The insurer advised the market after Floods and Storms in Australia & Thailand, Earthquakes in New Zealand and hurricanes and tornadoes in the Unites States.
“While catastrophes in the second half of 2011 have attracted fewer headlines than those earlier in the year, the frequency of events continued at an unprecedented level,” QBE Group chief executive Frank O’Halloran said in a statement.
It forecast a 15 percent insurance profit margin for 2012. The forecast factored in a 10 percent allowance of large individual risk and catastrophe claims, versus 15 percent in 2011
QBE Insurance Group, Australia’s largest international insurance and reinsurance group and one of the top 25 in the world. They operate in all key insurance markets with offices in 48 countries staffed by more than 10,000 team members.
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