26 May 2020Insurance

QBE says reinsurance will limit UK BI cost to $75m

Australia's QBE Insurance Group has said that its reinsurance coverage would limit the group’s net UK business interruption claims cost to $75 million.

The company stated that its business interruption policies do not typically cover claims arising from COVID-19.

QBE said that it usually provides business interruption insurance as part of a broader policy covering property damage.

The announcement was made in response to queries regarding potential business interruption claims relating to QBE’s UK based policyholders.

"Many businesses are facing an extremely concerning time at present and we are working closely with broker partners and agents to support our customers during this uncertain period," the company said in a statement.

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