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Home / Insurance / QBE Insurance Group's first half-year earnings forecast reveals $ 750 million loss due to COVID-19

QBE Insurance Group's first half-year earnings forecast reveals $ 750 million loss due to COVID-19



QBE Insurance Group nicknamed "Query By Example" is the largest insurance company in Australia. The name originated when three insurance companies (Queensland Insurance, Banks and Commercial Insurance Companies and Equitable Life and Insurance Companies) merged. QBE is the first letter in each of these companies.

In August 2020, QBE Insurance Group will officially release its financial results for the first half of the year. The forecast so far from this Sydney-based insurance company shows that they are rocking a statutory loss after tax of around $ 750 million.

This is largely due to the negative impact of the coronavirus pandemic on the insurance industry in Australia, disaster experience, previous accident years requiring development and net investment of $ 1

25 million due to extreme volatility in the investment market.

Related : Chubb Estimates $ 1.4 Billion in Q2 Global Losses Due to Coronavirus Pandemic

In a press release issued by QBE Insurance Group's CEO, Pat Regan, he stated:

“While the landscape remains highly uncertain, QBE currently estimates the total cost of COVID-19 at approximately $ 600 million before tax, "said the insurance group.

" This includes ~ $ 265 million to potential additional net claims that may arise during the next 12-18 months, mainly in trade credit and LMI (lenders "mortgage insurance), but also in damages (including board members and salaried employees"), A&H (accident and health), rental value insurance and other classes.

While the CEO of QBE Insurance Group remains optimistic, he went on to list some of the effective support measures their companies have taken to respond to the health and financial crisis for policyholders in Australia.

Related: Challenges facing the insurance sector due to lock-in

Pat Regan, added that "Despite the impact of COVID-19, I am encouraged by the strong underlying trends emerging from the results. Despite significant uncertainty about the existing the effect of the COVID-19 pandemic, our strong capital base positions us well to take advantage of faster pricing steps and new organic growth opportunities.

“The safety and well-being of customers and our people remains an important priority, and this is especially so during These are unprecedented times. We support customers through various initiatives, including repayment of premiums, deferral of premiums, expansion of credit and advisory services to vulnerable customers and accelerating claims payments. ”

Related : How Aetna Health Insurance responds Coronavirus (COVID-19)


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