Covid and inflation costs bite as QBE International COR ticks up to 92.5%
QBE International has reported a combined operating ratio of 92.5% for 2022, which is up from 90.6% in 2021.
According to the insurer, this reflected a challenging operating environment underpinned by heightened inflation, costs relating to the Russia and Ukraine war, and elevated catastrophe costs.
Related QBE International improves COR to 90.6%QBE's international division posted a 15% increase in GWP for the full year 2021
“These external headwinds were partly offset by the benefit of increased premium income driven by continued rate increases, targeted new business and underlying
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