Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  QBE Insurance Group Limited    QBE   AU000000QBE9

QBE INSURANCE GROUP LIMITED

(QBE)
  Report
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsPress ReleasesOfficial PublicationsSector newsMarketScreener StrategiesAnalyst Recommendations

QBE Insurance : Australia's QBE says UK court ruling on COVID-19 claims mostly favourable

09/15/2020 | 08:02pm EST

QBE Insurance Group said on Wednesday a London court had largely ruled in its favour in a case that examined the reading of policy wordings by eight insurers in relation to business interruptions caused by the COVID-19 pandemic.

The closely watched case brought about by Britain's Financial Conduct Authority (FCA) sought to clarify whether 21 types of business interruption policy wordings should pay out for closures and disruption caused by the pandemic.

The FCA on Tuesday said judges had ruled that some of the world's biggest insurers were wrong to reject tens of thousands of claims from small firms battered by the pandemic.

However, some of the insurers said the ruling meant they wouldn't have to pay out, or would have to pay out much less than modelled in a worse-case scenario.

QBE, Australia's biggest insurer by market capitalisation, said in a statement that the high court ruled in its favour on two out of three of its disease policy wordings examined and in favour of insurers generally with respect to denial of access.

However, the company said it was considering its options to appeal a ruling that was in favour of policyholders with respect to one of its disease policy wordings.

QBE reaffirmed that its catastrophe reinsurance programme would limit the net cost of the UK business interruption claims to $70 million, which it has already accounted for as part of COVID-19 provisions announced in its first-half results. The company said given the possibility of appeals from all parties and further legal action, the gross cost to QBE could change, but the net cost would not vary.

(Reporting by Rashmi Ashok in Bengaluru; Editing by Arun Koyyur and Subhranshu Sahu)


© Reuters 2020
All news about QBE INSURANCE GROUP LIMITED
11/21QBE INSURANCE : Chose Perle Console Servers for Out-of-Band Management
AQ
11/19Companies Took Insurers to Court for not Paying out on Covid-19 Claims - Here..
DJ
11/18Australia shares ease as latest COVID-19 cluster dampens vaccine euphoria
RE
11/18Insurers are trying to escape COVID-19 liability, watchdog tells UK Supreme C..
RE
11/17UK businesses not covered for pandemic, insurers tell Supreme Court
RE
11/16UK businesses not covered for pandemic, insurers tell Supreme Court
RE
11/03UK regulator, insurers, set for November court battle over COVID-19 case
RE
11/02UK regulator, insurers, set for November court battle over COVID-19 case
RE
10/22QBE INSURANCE : International Boss Richard Pryce Named Interim CEO
DJ
10/02FCA insurance test case appeal heads to Supreme Court
RE
More news
Financials
Sales 2020 16 097 M 11 831 M 11 831 M
Net income 2020 -637 M -468 M -468 M
Net Debt 2020 3 355 M 2 466 M 2 466 M
P/E ratio 2020 -24,2x
Yield 2020 1,49%
Capitalization 15 312 M 11 257 M 11 254 M
EV / Sales 2020 1,16x
EV / Sales 2021 1,08x
Nbr of Employees 11 000
Free-Float 99,6%
Chart QBE INSURANCE GROUP LIMITED
Duration : Period :
QBE Insurance Group Limited Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends QBE INSURANCE GROUP LIMITED
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 11
Average target price 11,14 AUD
Last Close Price 10,41 AUD
Spread / Highest target 22,5%
Spread / Average Target 6,99%
Spread / Lowest Target -23,2%
EPS Revisions
Managers
NameTitle
Richard Vaughan Pryce Group Chief Executive Officer
Michael Wilkins Non-Executive Chairman
Inder Singh Group Chief Financial Officer
Matt Mansour Chief Information Officer
John M. Green Deputy Chairman
Sector and Competitors
1st jan.Capitalization (M$)
QBE INSURANCE GROUP LIMITED-19.18%11 127
TOKIO MARINE HOLDINGS, INC.-9.28%36 978
AMERICAN INTERNATIONAL GROUP INC-20.16%35 305
THE TRAVELERS COMPANIES-0.41%34 549
THE ALLSTATE CORPORATION-6.73%31 891
SAMPO OYJ-8.12%23 591