QBE Insurance News

QBE Expects H1 2020 Loss of US$750M on COVID-19, Natural Catastrophe Claims

QBE Insurance Group expects to report a first-half, after-tax loss of around $750 million, mainly due to COVID-19 claims and natural catastrophes, which included Australia’s bushfires and hailstorms at the beginning of the year. During the first half, QBE said …

Update: COVID-19 Business Interruption Claims Take Center Stage in London Court Case

UK financial regulators took aim at insurers’ attempts to compare the coronavirus lockdown to government warnings on cigarettes and alcohol, telling a London court that businesses had no choice but to shut down during the pandemic. The clash took place …

QBE Sells Stake in India Insurance Joint Venture to Fintech Platform Paytm

India’s financial technology platform Paytm is set to acquire Mumbai-based private sector general insurer Raheja QBE General Insurance Co. Ltd. The acquisition is subject to customary conditions, including approval from the Insurance Regulatory and Development Authority of India (IRDAI). Financial …

Insurers Distance Themselves from Disputed Australia Coal Project as Backlash Grows

Global insurance companies linked to Adani’s Carmichael coal mine in Australia are distancing themselves from the controversial development, as pressure mounts on financial institutions to cut their ties to the fossil fuel industry. A growing global consensus has seen financial …

British Regulator Enlists 8 Insurers in Pandemic Test Case of Business Interruption Cover

Insurers including Hiscox, RSA and QBE will take part in a UK test case to decide whether their policies should pay out millions of pounds to companies hit by the coronavirus pandemic, the industry regulator said on Monday. A national …

UK’s Aviva Expects COVID-19-Related Claims of Nearly $200 Million

British insurer Aviva expects 160 million pounds ($195 million) in claims related to the coronavirus pandemic and weaker second quarter sales, it said on Thursday, as government lockdowns aimed at containing the virus hit the global economy. Insurers globally are …

UK Regulator Seeks Court Review in July to Resolve COVID-19 Insurance Dispute

Britain’s Financial Conduct Authority (FCA) aims to get business interruption insurance policies examined by a court as soon as July, a member of a policyholder action group said on Thursday. The Hiscox Action Group, which is seeking to sue Hiscox …

Two Law Firms Seek British Businesses to Join Biz Interruption Lawsuit Against Allianz

Two law firms said on Tuesday they were gathering companies in Britain for a potential group lawsuit against German insurer Allianz for rejecting business interruption claims during the coronavirus pandemic. Edwin Coe and Harris Balcombe said they wanted to challenge …

UK Regulator Wants Courts to Clarify Wording of Disputed Business Interruption Policies

Britain’s financial watchdog said on Friday it would urgently ask the courts to clarify uncertainty over whether businesses can claim compensation for disruption caused by the coronavirus pandemic. The Financial Conduct Authority (FCA) also told all insurers to assess whether …

Top Insurers Face Lawsuit from UK Hospitality Sector on Rejected Biz Interruption Claims

Top insurers such as AXA, RSA, QBE and Zurich face a potential multi-million-pound lawsuit from British pubs, hotels, restaurants and leisure groups, who allege that legitimate business interruption claims have been rejected. A new Hospitality Insurance Action Group (HIGA) on …