International insurer and reinsurer QBE has reported a rise of 11% in gross written premiums (GWP) year over year in the first quarter of 2026 to $9.2 billion, compared to $8.3 billion in Q1’25.
QBE explained that GWP grew by 7% on a constant currency basis, with an ex-rate growth of 6% underpinned by momentum in North AmericaCrop, and several portfolios within International.
In terms of the nat cat experience, for the four months to April 2026, the net cost of catastrophe claims totalled approximately $300 million, relative to QBE’s first-half catastrophe allowance of $517 million.
QBE’s cat allowance for the second half the year is $613 million, with a full year 2026 cat allowance of $1.13 billion.
The recent natural catastrophe activity was driven by multiple events in Australia, propelled by a series of storms in the Northern Hemisphere.
Additionally, the firm reveals that the impact of the Middle East conflict has not been material to direct underwriting so far, with net claims estimated at around $60 million, and are included within catastrophe costs for the four months to April 2026.
However, QBE explained that its exposure to the conflict in the region is generally limited, and its teams will remain closely connected and seek to mitigate risks as the situation continues to develop.
The group premium rate increases of approximately 2% in Q1’26 were in line with expectations, as QBE continue to execute well against its portfolio objectives in what remain dynamic markets.
The re/insurer explained that competitive pressures remain most notable within commercial property and Lloyd’s, and excluding those, group rate increases remain consistent with 2025 levels at approximately 4%.
On the asset side, QBE has reported an investment income in the four months to April of around $500 million, while the Q1’26 return stands at $305 million.
Looking forward, QBE reiterates that for its full year 2026 outlook, GWP growth is expected to be in the mid-single digits, with a combined operating ratio of 92.5%.
