QBE REPORTS GROWTH, BUT NAT CAT CLAIMS EXCEED ALLOWANCE

Australian insurer QBE has reported 28% growth in gross premiums in the first quarter of 2021, or 23% on a constant currency basis. QBE achieved premium rate increases of almost 9% in the first quarter of 2021 compared with 7.3% in the first quarter of 2020, Michael Wilkins, QBE chair, told shareholders at the insurer’s annual general meeting. All divisions achieved premium rate increases in line with expectations and stronger than the increases recorded in the prior corresponding period, he said. Wilkins also said QBE expects net catastrophe costs of around $260m in the first quarter, higher than the group’s first quarter allowance of $180m. The insurer incurred losses from US winter storms, recent Australian floods and Cyclone Seroja. Despite the losses, QBE’s first quarter combined operating ratio was in line with expectations, according to Wilkins.