Published by Infopro Digital Services Limited, 133 Houndsditch, London, EC3A 7BX. Suncorp also predicted that the cost of natural hazards would remain within budget, but its banking division has tucked away an extra $133 million in an economic overlay to account for the pandemic causing loan problems.Coronavirus: Need to know.
Meet contacts to advance your work, join sessions tackling key issues facing the b⦠QBE Insurance Business Interruption Claims.
QBE is defending one UK test case, arguing insurance only covers a loss caused by an interruption flowing from a notifiable disease occurring within up to 40 kilometres of an insured business. That was still worse than 2019’s first-half result of 95.2 per cent, which QBE blamed on a raft of disasters such as Australia’s bushfires.Another factor was a $US90 million loss on investments, compared to the $US755 million earned previously.Citigroup analyst Nigel Pittaway said the market might back QBE's positive outlook commentary and its significant disclosure about its long-term pandemic risk.
To access these options, along with all other subscription benefits, please contact You are currently unable to print this content. Since the Covid-19 outbreak we have been contacted by a number of businesses that have insurance policies with the insurer, QBE.
The insurance industry copped a reputational and political battering after widespreadAsked about fallout from rejecting pandemic claims, Mr Regan said small businesses were suffering and “you’d be inhuman to not be sympathetic to that”.It’s clearly impossible to indemnify events where all the policy plans pay out simultaneously“But ... it quite clearly says in all of the policies not just that [pandemics are] not covered, but this specific pandemic – the SARs virus – is not covered.“It’s not really black letter, it’s written pretty clearly.”He also pointed out all QBE policies had been sold through professional brokers.Mr Regan maintained “the fundamental premise of insurance is to insure diversified pools of risks ... it’s clearly impossible to indemnify events where all the policy plans pay out simultaneously”.He said QBE had limited exposure in the UK and Europe with some wording, which would top out at $US70 million.Even if other decisions went against QBE, Mr Regan maintained the company’s own reinsurance – insurance for insurers – would cover the pandemic and kick in after $20 million in claims.QBE also wrote reinsurance but any pandemic exposure was "very small", he said. If you have one already please sign in.Alternatively you can request an indvidual account here: QBE has defended rejecting some pandemic insurance claims, saying the policy wording clearly excluded the coronavirus outbreak and it was not taking a tough black-letter approach.The sector also could not afford to pay out all claimants on business interruption insurance policies as this ran against the fundamental notion of insurers diversifying risk, QBE chief executive Pat Regan said on Thursday.QBE chief executive Pat Regan: small businesses are suffering and “you’d be inhuman to not be sympathetic to that”.
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He was speaking as QBE announced a 4¢ dividend, despite posting a half-year loss of $US712 million ($994 million) on wild weather, poor investment results and hits from the pandemic.The dividend is lower than the previous corresponding period’s 25¢ payout.
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