QBE Reaffirms Fiscal Year 2023 Outlook, Details Impact of Catastrophe Costs

   By Alice Uribe 
 

SYDNEY--QBE Insurance reiterated its full-year guidance, even as it outlined the impact of catastrophe costs from storms in North America on its upcoming first-half result.

The general insurer said it expects net catastrophe costs of around US$700 million for the six months through June.

"A series of North American convective storms through the second half of June have resulted in additional pressure on catastrophe costs beyond those outlined on May 12," said QBE.

Still, QBE said it would maintain its prior fiscal 2023 outlook after a preliminary assessment.

QBE said it continued to expect constant currency gross written premium growth of around 10% in fiscal 2023, and a group combined operating ratio of around 94.5%.

But it said its combined operating ratio outlook now included a revised catastrophe budget of US$1.33 billion, and continues to exclude the upfront impact from the reserve transaction announced in February.

Write to Alice Uribe at alice.uribe@wsj.com

(END) Dow Jones Newswires

July 19, 2023 19:07 ET (23:07 GMT)

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