QBE outlines the impact of Ukraine conflict to the insurance group

Firm articulates sadness and concern

QBE outlines the impact of Ukraine conflict to the insurance group

Insurance News

By Terry Gangcuangco

QBE Insurance Group, which is busy responding to claims following the recent flooding in Australia, has commented on the Ukraine conflict’s impact to the company.

In a market release, the Sydney-headquartered insurer – which operates through its international (European and Asian), Australia Pacific, and North American divisions – stated: “QBE is deeply saddened and concerned by the events unfolding in Ukraine.

“While the situation is dynamic, QBE has limited exposure to the country, and any insured losses associated with the conflict would not have a material impact to the group.”

Separately, the QBE Foundation said it is donating £50,000 each to its disaster relief and resilience partners British Red Cross and Save the Children UK to support their respective Ukraine crisis appeals.

“We are also encouraging our colleagues to donate to both charities and will match any donation they make,” added the “proud” backer.

In its home market, meanwhile, QBE noted that it has received around 3,000 claims (mostly personal lines) relating to the floods across Queensland and New South Wales. The insurer, which expects further claims to be lodged over coming weeks, said it has scaled up its claims and support response.

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