0056 GMT - QBE Insurance could overrun its 1H catastrophe allowance given May floods in northern New South Wales state, Macquarie says. It forecasts a catastrophe cost outcome of US$575 million, above its US$549 million allowance. That would have a knock-on effect to QBE's combined operating ratio. Macquarie thinks the COR will be 92.7%, compared to 92.5% guidance. Macquarie downgrades QBE to neutral, from outperform, because it is trading at a premium to international peers at the start of the peak catastrophe season in major markets. QBE is down 1.8% at A$23.03. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
July 01, 2025 20:56 ET (00:56 GMT)
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