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QBE's losses from Sandy could hit $450m

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AAP

2012-11-12

Insurance giant QBE expects its losses from superstorm Sandy in the United States to be up to $450 million.

The company has cut its insurance profit margin guidance as a result, but still expects its net profit for calendar 2012 to be higher than in 2011.

"Superstorm Sandy will prove to have been one of the most devastating storms in recent US history and the recorded loss of life is incredibly distressing," chief executive John Neal said in a statement.

"It is frustrating to be reporting disappointing news at a time when the vast majority of our ongoing businesses are performing in line with, or better than, expectations."