Two of Australia’s largest insurance provider QBE and IAG share prices are not doing so good recently thanks to fall in net profits. QBE has warned markets its profit is likely to be 40 per cent lower than last year while IAG is expecting 1H net profit to fall by 50 per cent on the corresponding period. It all has to do with claims of losses from BP’s disaster, storms and severe losses in Britain plus some other natural hazards happening around the world.
Bad timing if you have just bought shares in one of them (check the price and you’ll see QBE investors reacting negatively). But could next week be a good time to buy, after all the bad news has settled and considering QBE is sort of like a blue chip and has a really low P/E right now?