"QBE COMMENTS ON RECENT FLOODING IN AUSTRALIA AND UKRAINE CONFLICT Heavy rain and flooding has impacted a number of regions across Queensland and New South Wales in recent days. QBE has received ~3,000 claims relating to the event, predominantly in personal lines, and expects further claims to be lodged over coming weeks. We remain focused on supporting the safety of our customers and their communities, and have scaled up our claims and support response accordingly. While still too early to determine the financial impact of the event for QBE, the Group has a maximum event retention of $125M for non-peak events in the Australia Pacific Division. QBE’s FY22 catastrophe allowance is $962M including a 1Q22 allowance of $248M. QBE is deeply saddened and concerned by the events unfolding in Ukraine. While the situation is dynamic, QBE has limited exposure to the country and any insured losses associated with the conflict would not have a material impact to the Group."
QBE Price at posting:
$10.78 Sentiment: Hold Disclosure: Held
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