QBE forced to clarify losses after shareholder questions

QBE has confirmed its estimated large risk and catastrophe claims, which it defines as net claims of $2.5m and above, already total $470m this year compared with $430m for the same period in 2009.

Catastrophe claims include:

  • Haiti earthquake
  • European windstorm Xynthia
  • Chile earthquake
  • Melbourne hail storm
  • Queensland cyclone Ului
  • Perth hail storm
  • Transocean oil rig loss
  • Iceland volcano travel claims
  • Western Australia earthquake a
  • US tornadoes

Frank O’Halloran, QBE’s group chief executive officer, said: “Despite the unusual frequency of catastrophes for this year, we still have a significant allowance of around $810m for the remainder of 2010. To put this into perspective, estimated large risk and catastrophe claims for the last eight months of 2009 amounted to a net $485m.”

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