SYDNEY - [AAP] QBE Insurance (ASX: QBE) has flagged a full-year loss of about $US1.2 billion ($A1.5 billion) on almost $US1 billion of one-off costs and blowouts associated with wildfires in California and Hurricane Maria in the Caribbean.

The insurance giant on Tuesday said the devastating US fires and Hurricane Maria--plus December's storms in Australia--had added about $US130 million to its catastrophe costs in the fourth quarter.

The catastrophes increased the full-year combined operating ratio--which measures expense, commission and claims ratios--by about one per cent over the previously estimated target range of 94.5 to 96.0 per cent.

The expected loss for the 12 months to December 31--which compares to 2016's $US844 million profit--also reflects a $US700 million goodwill impairment against QBE's North American business and a $US230 million writedown related to the cut in the US corporate tax rate.

Chief executive Pat Regan also called out another poor performance by QBE's emerging market operations, with a strategic review into its Latin American unit underway as the insurer looks to simplify and reduce risk.

Mr Regan said he will update the market on his plans when QBE announces its results on February 26.

"This has been a challenging year for QBE, reflecting an unprecedented cost of catastrophes as well as the particularly disappointing deterioration in our emerging markets businesses," Mr Regan said.

QBE shares were 52.5 cents, or 5.0 per cent, lower at $9.965 at 1023 AEDT.

They have lost about 25 per cent of their value since May.

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