QBE's North American crop business rocked by claims blowout

QBE | December 18, 2019

QBE Insurance Group’s North American crop business is expected to pay claims of around 107%-109% on net earned premium of nearly $1.2 billion in 2019 due to the unusually cool season. The ASX-listed insurance giant said a rise in crop damage claims would adversely impact the unit’s combined operating ratio, a key measure of profitability – sending it slightly above the top end of its 2019 target range of 94.5% to 96.5%. The company’s net investment return in 2020 is also expected to drop, from 3% to 3.5%, to the range of 2.5% to 3%, reflecting lower global risk-free rates. QBE said “the adverse weather conditions are also anticipated to contribute to slightly elevated attritional loss experience” in some of its North American property classes, Reuters reported.

Spotlight

Innovation through new technologies is a key driver of change in the financial sector and this has led to immeasurable efficiency gains, even though these changes can initially be accompanied by uncertainty and doubt. The insurance sector is no exception to such developments, with possibilities of new methods of service provision as well as greater opportunities for data collection and fraud detection that can lead to better risk identification and mitigation measures, which are being referred to as “InsurTech”.

Spotlight

Innovation through new technologies is a key driver of change in the financial sector and this has led to immeasurable efficiency gains, even though these changes can initially be accompanied by uncertainty and doubt. The insurance sector is no exception to such developments, with possibilities of new methods of service provision as well as greater opportunities for data collection and fraud detection that can lead to better risk identification and mitigation measures, which are being referred to as “InsurTech”.

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