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

QBE INSURANCE GROUP LIMITED

(QBE)
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End-of-day quote. End-of-day quote Australian Stock Exchange - 10/26
8.86 AUD   0.00%
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UK insurers should pay up quickly after business interruption ruling -watchdog

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09/18/2020 | 02:21pm EDT

LONDON, Sept 18 (Reuters) - Britain's markets watchdog said on Friday it was "critical" that insurers pay valid claims in full at the earliest possible date, following a High Court ruling on business interruption insurance.

London judges ruled that some of the world's biggest insurers were wrong to reject tens of thousands of claims from small firms battered by the COVID-19 pandemic, the Financial Conduct Authority (FCA) said earlier this week.

The watchdog, which brought the test case against eight insurers, including Hiscox, RSA and QBE , said the court had found in favour of policyholders' arguments on the majority of key issues.

Insurers should make interim payments where possible, the FCA said in a "Dear CEO" letter published on Friday.

"Our objective remains to ensure that slow payment does not exacerbate financial pressures on policyholders," the letter from Interim Chief Executive Christopher Woolard said, adding that the FCA could use its regulatory powers if it thought insurers were acting too slowly.

The lawsuit has attracted a lot of attention because it is estimated to affect 370,000 businesses, 60 insurers and billions of pounds in insurance claims.

Insurers should give policyholders at least an initial update on the implications of the judgment by Sept 22, the letter said.

Separately, the FCA said the court would hear submissions on any applications for appeal on Oct 2.

If the judgment is appealed it could leapfrog straight to the Supreme Court to reduce delay for buckling businesses, lawyers said.

(Reporting by Carolyn Cohn; editing by David Evans and Jane Merriman)


Stocks mentioned in the article
ChangeLast1st jan.
HISCOX LTD -2.03% 857.8 Delayed Quote.-39.76%
QBE INSURANCE GROUP LIMITED 0.00% 8.86 End-of-day quote.-31.21%
RSA INSURANCE GROUP PLC -1.62% 436.4 Delayed Quote.-22.84%
ZURICH INSURANCE GROUP LTD -0.70% 312.9 Delayed Quote.-21.20%
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Financials
Sales 2020 16 160 M 11 514 M 11 514 M
Net income 2020 -637 M -454 M -454 M
Net Debt 2020 3 390 M 2 415 M 2 415 M
P/E ratio 2020 -20,6x
Yield 2020 1,76%
Capitalization 13 032 M 9 283 M 9 285 M
EV / Sales 2020 1,02x
EV / Sales 2021 0,94x
Nbr of Employees 11 000
Free-Float 99,6%
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Technical analysis trends QBE INSURANCE GROUP LIMITED
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Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 11
Average target price 11,14 AUD
Last Close Price 8,86 AUD
Spread / Highest target 43,9%
Spread / Average Target 25,7%
Spread / Lowest Target -9,71%
EPS Revisions
Managers
NameTitle
Richard Vaughan Pryce Chief Executive Officer
Michael Wilkins Non-Executive Chairman
Inder Singh Group Chief Financial Officer
Matt Mansour Chief Information Officer
John M. Green Deputy Chairman
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