International insurer and reinsurer QBE reported gross written premiums (GWP) increased 11% year-on-year to $9.2 billion in the first quarter of 2026, compared with $8.3 billion in the first quarter of 2025.
QBE explained that GWP increased by 7% at constant exchange rates, with a 6% increase in currency driven by North American crops and the international multiple portfolio.
In terms of nat cat experience, the net cost of catastrophe claims totaled approximately $300 million in the four months to April 2026, compared with QBE’s first half catastrophe allowance of $517 million.
QBE’s cat subsidy for the second half of the year is A$613 million, and the full-year cat subsidy for 2026 is A$1.13 billion.
Recent natural disaster activity has been driven by multiple events in Australia and a series of storms in the Northern Hemisphere.
Additionally, the company revealed that the impact of the conflict in the Middle East has so far not had a significant impact on direct underwriting, with net claims estimated at approximately $60 million and included in catastrophe costs for the four months to April 2026.
However, QBE explained that its impact on the conflict in the region has been generally limited and that its team will remain in close contact and seek to mitigate risks as the situation continues to evolve.
Group premiums rose approximately 2% in 1Q26, in line with expectations, as QBE continued to execute well on its portfolio targets in a still dynamic market.
The reinsurer explained that competitive pressures remained most significant in commercial property and Lloyd’s, and excluding these factors, group rate increases would remain consistent with levels of around 4% in 2025.
On the asset side, QBE reported investment income of approximately $500 million in the four months to April, compared with returns of $305 million in Q1’26.
Looking ahead, QBE reiterated that for the full-year 2026 outlook, GWP growth is expected to be in the mid-single digits, with a combined operating ratio of 92.5%.
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