QBE says it has reinsurance protections
QBE Insurance Group Limited (QBE) said it has significant external reinsurance protections in place for claims such as the current catastrophe in the Gulf of Mexico. The company made the statement in response to market rumours regarding QBE’s exposure to the disaster.
QBE said its market update last week regarding 2010 large individual risk and catastrophe claims reported to 28 April included the company’s maximum exposure to claims on policies exposed to the Gulf of Mexico disaster including the spill itself.
The company also responded to rumours regarding IAG’s recent announcement on UK motor liability claims.
QBE said it recently reviewed its claims reserves and confirmed that the reserves held at 31 December 2009 are adequate.
The company said these claims reserves included an allowance for the anticipated higher bodily injury claims being experienced in the UK.
As at 1046 AEST, QBE shares were 51c to $19.14.
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