Reinsurance for oil spill and reserves cover UK motor claims

QBE said that it has reinsurance to cover BP/Transocean Deepwater Horizon oil spill claims and adequate reserves for higher than expected UK motor bodily injury claims.

The Australian insurer has been forced to respond to market rumours after rival IAG announced its UK motor reserves needed topping up because of bodily injury claims.

QBE said it has “significant reinsurance protections in place” for the oil spill. IT said it had reviewed its claims reserves for its UK motor business and confirmed they “included an allowance for the anticipated higher bodily injury claims being experienced in the UK”.

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