SYDNEY (Reuters) - QBE Insurance Group, Australia's biggest insurer by premium income, posted an annual net loss of $254 million as its North American arm experienced a significant increase in claims and writedowns.
The loss for the year to Dec. 31 was slightly more than the $250 million annual loss predicted by the company in December, and compared with a $761 million net profit the previous year.
QBE has been grappling with hefty claims as a range of adverse weather events weigh down its North American earnings. The company's North American arm has been upping the amount it sets aside for claims from previous years.
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