QBE chief executive Richard Pryce has said last financial year was one of the most expensive in history for natural disasters claims, driving the insurer to a $US1.5 billion ($1.93 billion) loss and prompting it to suspend its final dividend. (Source: Sydney Morning Herald)
Pryce told investors on Friday he was “very disappointed” with the full-year loss, caused by mounting catastrophe claims, record low investment income and ongoing uncertainty around COVID-19. It’s a major swing from 2019’s $US550 million profit and final dividend of 27 cents per share.
“The board and management at QBE recognise last year’s results are extremely disappointing and well below our expectations,” he said. Pryce took over as chief executive in October following the sudden departure of Pat Regan after a workplace complaint. The global insurer was hit by ongoing uncertainty around exposure to COVID-19 business interruption claims and more natural disasters.