Climate change could make premiums unaffordable - QBE Insurance [Reuters (UK)]
QBE INSURANCE GP S/ADR (QBIEY)
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Source: Reuters
Climate change could make premiums unaffordable: QBE Insurance - Reuters 3 Min Read SYDNEY (Reuters) - Australia’s QBE Insurance Group ( QBE.AX ) said on Monday climate change could make some premiums unaffordable, especially for customers exposed to extreme weather events, and was a “material risk” for its operations across the globe. During 2019, QBE’s net Australia-Pacific cost of catastrophe claims jumped to $193 million from $106 million the year before, led by unprecedented floods in Australia’s north east coast and horrendous bushfires across the country’s south east. The insurer said it has started to adjust its catastrophe models to factor in the expected impacts of climate change until 2100, and would assess the impact on its weather-related exposures from emissions and temperatures. In the short-term, QBE would manage higher claims by considering event frequency and severity in its capital planning and will deploy a comprehensive catastrophe reinsurance program, it said.
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