QBE Insurance Group Limited (ASX: QBE) reported that bad weather in North America has impacted the crop result in 2019. Due to prevented planting claims along with the yield shortfalls, the company’s North American Crop insurance business is now anticipated to report a 2019 current accident year collective operating ratio of ~ 107% - 109% on net earned premium of approximately $1.2 billion.
The bad weather might also result in somewhat higher attritional loss experience in few of QBE’s property classes in North America.
Despite further expected progress in the Group’s 2019 attritional claims ratio and favourable catastrophe experience during the first half, QBE expects that the Group’s combined operating ratio might be a little above the top end in between 94.5% to 96.5%.
AT AEDT 12:54 PM, QBE shares are trading at $13.100, down 1.355% from its previous close.
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