Costs of catastrophe claims at QBE to exceed $1 billion

Australia-based QBE Insurance Group Ltd. said that its net cost of catastrophe claims in the nine months ended Sept. 30 was $880 million, and is expected to hit $1.06 billion for all of 2022, The Sydney Morning Herald reported. The costs include a $75 million charge for exposure to the Ukraine conflict, in part due to insurance written to cover planes that are stuck in Russia, natural disasters in Australia and damage to North American crops from Hurricane Ian.