QBE makes H1 losses

richard-pryce-qbe

QBE has made a loss of US$712m (£543.5m) for the first six months of 2020.

Net loss after income tax for the half year ended 30 June 2020 was $712m compared with a profit of $479m in the same period last year.

The pre-tax result was materially impacted by underwriting impacts from Covid-19 ($335m), adverse prior accident year claims development, higher than anticipated catastrophe experience, and a net investment loss of $90m compared with a net investment profit of $755m in the prior period.

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