QBE posts $712 million loss due to pandemic, cat claims

Australia-based QBE Insurance Group Ltd. reported a net loss of $712 million in the first half of the year, compared with a profit of $463 million a year earlier, due to the COVID-19 pandemic and a rise in catastrophe-related claims, Morningstar reports.

Cat claims nearly doubled year-over-year to $308 million, while gross written premiums increased 10% to surpass $8 billion.

Source: Business Insurance