QBE's gross written premiums rise 1.5% to $17.6b in 9M 2024

Strategic portfolio exits have mitigated the impact of catastrophe losses.

QBE saw its nine months to September gross written premiums (GWP) increase by 1.5% year-on-year (YoY) to $17.6b. 

This growth was supported by group-wide renewal premium rate increases of 5.9%. 

In comparison, GWP grew by 10% YoYr in the same period of 2023, reflecting the impact of non-core portfolio exits and moderated rate increases in 2024 (FY 2024). 

Regionally, QBE's International division recorded a 3.9% increase year-to-date, whilst North America and Australia Pacific posted stronger growth of 8.4% and 8.9%, respectively. 

The group’s retention ratio remained stable at 82%, with North America at 68%, Australia Pacific at 81%, and International at 88%.  

QBE maintained its combined ratio target of 93.5% for FY 2024. Catastrophe claims for the first nine months totalled $950m, or 74.2% of the annual assumption of $1.28b. 

Between June and October, catastrophe claims reached $425m, tracking in line with the second-half allowance of $671m. 

Significant losses were driven by an active hurricane season and secondary perils, with industry-wide insured losses exceeding $100b. QBE’s North America division performed as expected, aided by non-core portfolio exits.  

According to CreditSights, a FitchSolutions company, QBE delivered a solid performance in the first nine months of 2024. Strategic portfolio exits have mitigated the impact of catastrophe losses, whilst the reserve transfer has enhanced balance sheet strength.

The company’s conservative investment strategy, with selective increases in risk assets, has supported robust returns and improved net investment income.