QBE reports 2% YoY growth in Q1’24’s GWP

Premiums declined by 2% in constant currency.

QBE's gross written premium saw a 2% growth in the first quarter 2024 (Q1’24) compared to the same period last year, both in reported and constant currency terms.

Renewal rate increases of 7.3% were in line with expectations, with reduced rate hikes in certain property and reinsurance lines.

Premiums declined by 2% in constant currency, excluding rate increases, due to lower Crop premiums and property exits in North America and Australia. 

Excluding Crop, Group gross written premium and ex-rate growth was 9% and 3% respectively.

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Organic growth in Crop is expected to partially offset the impact of lower commodity prices, with estimated Crop gross written premium for FY’24 at ~$3.9B. 

Group claims experience is broadly on track with plan assumptions.

From January to April 2024, the net cost of catastrophe claims totalled ~$300M, compared to QBE's catastrophe allowance for 1H’24 of $609M. Catastrophe costs were driven by storm events, mainly in Australia and North America.

A small amount of prior-year development related to European events in 2023, including the Italian hail event in 3Q23, was recorded in the first quarter.