Fat Bloater,
Yes, there is a possibility that their run of bad luck will continue. Nobody can guarantee what will happen next year.
These are the risks involved in investing in any insurance company.
However, my view is that insurance companies eventually win by increasing their premiums on similar policies the year after.
Now, if you look at other industries, the banks growth projections have plateaued, miners are struggling with the lower prices and high AUD, industrials are struggling with structural & cyclical issues so where would I invest today.
I look at Qbe.
A diversified insurance company in over 50 countries that has had bad luck over the last 2 years. If you look back their last 10 years, you could conclude that if cats went back to a median range, that earnings could effectively double. This is a distinct possibility and I have backed this up with my significant investment.
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