QBE Insurance Group Set for 2024 Catastrophe Costs to Come in Below Allowance Outlook, Jarden Research Says

MT Newswires Live11-22 08:41

QBE Insurance Group (ASX:QBE) is poised to see 2024 catastrophe costs about $120 million below its allowance outlook of $1.28 billion, Jarden Research said in a note Wednesday.

Jarden believes that the better-than-expected North Atlantic Hurricane season, abating La Nina risks in Australia and a benign fourth quarter cycle could see 2024 catastrophe costs come in below the allowance outlook.

"FY24E [catastrophe] costs tracking for a beat against allowance," the investment firm said.

The investment firm reiterated its buy rating on the insurer and raised its target price to AU$20.90 from AU$18.45.

Price (AUD): $19.64, Change: $+0.03, Percent Change: +0.18%

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