QBE Half Year 2016, page-85

If you look at the charts of all the main players in both banking and insurance sectors you can see quite clearly that the cycle has now turned bearish. And when a sector turns bearish all the stocks in it tend to fall, and usually for an extensive period. As to how much they can fall, just ask holders of mining or mining services companies. QBE's fall on Friday was on the biggest volume since February - that combined with the bearishness of the sector would have me panicking to sell if I wasn't already short on the stock.