17 Insurers See Ratings Updates
November 20, 2012
The revised outlook follows the publication on Nov. 12, 2012, of QBE’s market update on its 2012 forecast results. A preliminary estimate of losses from Hurricane Sandy of between $350 million and $450 million, as well as an increase in projected prior-year reserve strengthening for the full year to $380 million, has led the QBE group to revise its projected insurance profit margin for 2012 to 8% from 12%. As a result, the previously anticipated recovery in consolidated, risk-adjusted capitalization to a strong level, following deterioration in 2011, is not expected to materialize by year-end 2012.
All Insurance Networking News articles are archived after 7 days. REGISTER NOW for unlimited access to all recently archived articles, as well as thousands of searchable stories. Registered Members also gain access to exclusive industry white paper downloads, web seminars, podcasts, e-books, and conference discounts. Qualified members may also choose to receive our free monthly magazine and any of our e-newsletters covering the latest breaking news, opinions from industry leaders and developing trends.