Better off buying Insurance Brokers.

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PaddyMac33

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21/11/22

10:53

Post #: 64889527
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Originally posted by 1ronnie: ↑

...why double down on climate change risks by buying insurance stocks.

...insurance stocks are vulnerable to both climate change risks as well as portfolio losses from a stock market meltdown.

QBE warns catastrophe costs threaten outlook

Alex Gluyas
QBE Insurance Group has warned that higher-than-expected catastrophe costs have introduced some risk to its full-year outlook.
The company said that to October, the net cost of catastrophe claims in the second half is tracking at around $430 million. The total net cost of catastrophe claims is tracking at $880 million in the year to October.
QBE now assumes FY22 net catastrophe costs of $1.06 billion, inclusive of the $75 million charge for exposure to the Russia-Ukraine conflict. This exceeds its FY22 catastrophe allowance of $962 million.
The company’s catastrophe allowance for November and December is $180 million.
QBE continues to expect FY22 group constant currency gross written premium growth of around 10 per cent, and a group combined operating ratio of around 94 per cent.
The company said that growth in gross written premium remained strong in the third quarter, up 6 per cent on the prior corresponding period. Group-wide renewal rate increases averaged 8.4 per cent.

Insurance Australia to raise $400m

Alex Gluyas
Insurance Australia Group has launched a Capital Notes 2 offer to raise $400 million.
The offer forms part of the company’s capital management strategy and the proceeds will be used for general corporate purposes and to refinance existing Capital Notes 1 issued in December 2016.

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Better off buying Insurance Brokers.
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Better off buying Insurance Brokers.

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