QBE Insurance Group Limited
(ASX:QBE) has estimated retained losses from Hurricane Sandy to be up to $450 million.
The company has consequently downgraded its profit guidance but expects its full year profit to be above the 2011 calendar year.
Chief Executive John Neal says Superstorm Sandy will prove to be one of the most devastating storms in recent US history.
The global insurer’s half year profit rose 13 per cent.
QBE Insurance Group posted a net profit of $751.6 million in the first half of the 2012 financial year.
