Secondly, the companys response to enhanced risk and the high claims environment has been to significantly increase premiums. In the second quarter, the group-wide insurance renewal rate was boosted by 10.1 per cent.
At this stage QBE expects COVID-19 to cost it $840 million over the next 18 months. Of this, it will take a $470 million hit in the six months to June 2020 – an amount that includes a $160 million buffer for uncertainty.
But whats most interesting about QBEs financial update is the “lines of insurance” trouble areas that COVID has created. The first line of insurance QBE nominates in its hotspot list is business interruption, and it is probably the most contentious area. At this stage insurers including QBE are arguing COV…
Read the full article at: https://www.watoday.com.au/business/companies/qbe-s-hot-spot-worry-list-reveals-extent-of-pandemic-catastrophe-20200722-p55ehr.html
