QBE Insurance Group Stock Price, News & Analysis

QBE Insurance, a global insurer operating in 27 countries, has launched QCyberProtect, a comprehensive and globally consistent cyber policy designed to enhance cyber resilience for clients worldwide. The policy covers losses from current and emerging cyber risks, including network security, privacy liability, IT and non-IT business interruptions, and reputational loss.

QCyberProtect caters to a range of organizations, from mid-sized companies to global corporations. Alongside the insurance coverage, QBE is implementing QCyberPrepare, a cyber saferoom for incident response planning. QCyberProtect is currently available in 10 countries, with plans to expand throughout the year.

As the 2024 Atlantic hurricane season begins, QBE North America urges businesses to enhance their storm preparedness. Forecasters predict an 'extremely active' season with 23 named storms, 11 potential hurricanes, and 5 major hurricanes. Monique McQueen, VP of Property Claims at QBE, emphasizes the need for robust readiness plans to safeguard employees, property, and assets. Recommendations include maintaining disaster response plans, securing essential supplies, training staff on utility safety, storing goods off the floor, assessing rooftop equipment, reviewing insurance coverage, securing essential records off-site, keeping updated inventory logs, and preparing for power outages. Ted Cabaniss, AVP of Risk Solutions at QBE, highlights the importance of strategic actions post-storm, leveraging insurance expertise, and utilizing resources like FEMA's Ready Business Hurricane Toolkit to navigate challenges and ensure business continuity.

QBE North America announced that 100 Smart City solutions have advanced to the next stage of the AcceliCITY Resilience Challenge, out of more than 740 entries from 70 countries. The competition, now in its sixth year with Leading Cities, supports global entrepreneurs addressing urban risks, equity, and sustainability. Smart City Track winners could receive up to $150,000 for city pilot projects, along with publicity, mentoring, and online courses. This year, two specialized tracks are also included: Proptech and Humanitarian. The former focuses on loss mitigation in property insurance, while the latter addresses climate adaptation through collaboration with the Australian Red Cross. Selected entries propose solutions in clean water, renewable energy, urban agriculture, and climate adaptation. Participants will engage in a six-month curriculum and a boot camp to compete further for funding.

QBE North America has announced a new program partnership with Catalytic Risk Managers & Insurance Agency, a division of DUAL North America. The Builders Risk program will offer construction All Risk coverage for builders risk projects on a non-admitted basis. This partnership aims to provide customers with tailored builders risk solutions. James Haggerty, Head of Commercial Programs at QBE North America, expressed excitement about the collaboration, emphasizing the unique coverage needs it will address. Jon Knouse, Chief Property Officer of DUAL North America, highlighted the enhanced expertise and opportunities this partnership brings to the construction market. Catalytic Claims Services will handle claims for the program. The collaboration aims to expand QBE's builders risk portfolio and reaffirm their commitment to comprehensive solutions.

QBE North America has released its 2024 Commercial Construction Risk Report, identifying key challenges in the industry, including cybersecurity threats, financial issues, and labor shortages. The report is based on a survey of 500 commercial general contractors and construction managers. Key findings indicate 42% of respondents see cybersecurity as the top risk, followed by cost overruns (35%) and high interest rates (33%). Additionally, 40% highlighted owner contract disputes as primary cost overrun factors. The industry is adopting new technology to improve safety and efficiency, yet cyber threats are increasing. The labor shortage is significantly impacting trades like electrical and HVAC. Nearly half of the respondents plan to enhance their safety plans over the next year, emphasizing the need for better and more frequent risk management training.

In a press release, QBE North America highlights the five key benefits of captives in healthcare strategies. Captives are specialized insurance subsidiaries that help companies manage risks effectively and economically. QBE North America emphasizes that captives allow employers to reduce costs, enhance risk management, customize coverage, utilize finances efficiently, and leverage negotiations with carriers and service providers. The company specializes in underwriting single-parent and group captives for various sectors.

QBE North America has launched a specialized Healthcare Liability practice aimed at meeting the unique needs of healthcare organizations. The practice includes a dedicated team and core products to help customers manage risks and foster resilience. The flagship product, Miscellaneous Medical Liability, offers a wide range of coverages to provide tailored solutions to clients.