QBE lifts profits above $2 billion with best underwriting result in years

Outside catastrophe experience, QBE’s underlying claims performance was broadly stable, with an ex-cat claims ratio of 59.8% (from 59.7%). The company noted that, stripping out risk adjustment and Crop, the ex-cat claims ratio rose to 54.9% from 53.0%, citing adverse experience in some portfolios, elevated large losses and business mix shift. That commentary is a useful reality check for brokers: even as premium rates moderate, loss trends and large-loss activity remain a live issue, and insurers are likely to keep scrutiny tight around risk selection, limits, deductibles and risk improvement evidence.