QBE
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The Australian carrier expects a $1.5bn annual loss amid Covid losses and claims development. -
Shares in the Australian carrier slumped 12% following the disclosure.
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Suncorp, IAG and QBE reinsurers could face significant recoveries after a landmark court ruling.
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A fresh BI ruling in Australia this week highlighted the industry's reason for caution over Covid exposure as legal actions continue.
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The carrier plans to raise A$750mn in new equity capital to help shore up its balance sheet, and has further eroded its aggregate reinsurance.
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The executive will work alongside outgoing chief Richard Pryce for the next few months.
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The latest estimate is marginally below a previously disclosed $75mn UK BI claims cap.
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The exit follows an investigation into “workplace communications” reportedly stemming from a complaint within QBE North America.
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Accounting for expected H2 cat losses, the $500mn cover is only $20mn away from triggering.
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The Australian insurer had a relatively low reinsurance trigger on its UK BI loss exposure.
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Bushfire losses make up just over 40 percent of the total claims bill.
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A Hiscox group is seeking £52mn while lawyers for a QBE group action have secured funding.
