COMPANY PROFILE -QBE Insurance Group
Business Sector :Insurance
Operating Geography :Australia & NZ, Global
About QBE Insurance Group :
QBE Insurance Group is one of the world's top 20 General Insurance and Reinsurance Companies. The firm is headquartered at Sydney. It has operations in all the key insurance markets like Personal Insurance, Compensation of workers, Business Insurance, Intermediaries etc. It provides localized services in Australia from more than 30 offices located in each state and territory. It is listed in The Australian Securities Exchange. QBE was founded in 1886 in Townsville, Queensland as the North Queensland Insurance Co by two Scottish migrants, James Burns and Robert Philp, to insure the ships of the shipping business Burns Philp. As of early 2023, the company has more than 11700 employees across 27 countries. At the 2021 Insurance Times Claims Excellence Awards, QBE Business Insurance won the Commercial Lines Claims Excellence award.
QBE Insurance’s vision is “To be the most consistent and innovative risk partner”. The USP of QBE Insurance is its effective merging of international presence, diversity of operations and local people expertise to provide quality services to customers.
QBE Insurance Group Revenue :
$ 17 billion – FY ending 31st December 2021
$ 14.6 billion – FY ending 31st December 2020
Competitive Analysis of QBE Insurance Group
The SWOT Analysis for QBE Insurance Group is given below:
Strengths | Weaknesses |
1. Diverse expertise of employees
2. Broad competitive product range
3. High levels of service
4. High degree of flexibility
| 1. No competitive advantage with respect to peers |
Opportunities | Threats |
1. Launch of new products to boost portfolio
2. Increase in automation of Underwriting
3. Acceleration of premium rate
4. Entry into e-commerce through partnership with online retailer
| 1. Highly competitive insurance market
2. New technology leading to lower premiums
3. Increase in highly complex products
4. High risks due to catastrophic events
|
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Detailed SWOT Analysis of QBE Insurance Group
Strength
1. Diverse expertise of employees: The Company employs 17,000 people, with diverse mix of experience, skills, insight and talent. This helps them in to understand the diverse clients they serve better. It also helps in recognizing and meeting the client’s needs by providing good customer service. According to the Chairman (Marty Becker) this enables them to drive operational transformation and deliver on their business plans simultaneously.
2. Broad competitive product range: QBE offers a wide range of products in all its major segments: Worker’s Compensation, Personal Insurance, and Business Insurance. This wide portfolio helps in retaining customers as QBE provides solution to all their needs. Moreover, it also enables QBE to tap the entire insurance customer segment i.e., from individuals to huge organizations. Its technical know-how and product selection enable it to cover the majority of business risks. QBE is able to develop the ideal solutions for its unique situation by being proactive in tackling even the most complicated challenges and paying great attention to consumer needs.
The remaining section under "Strength" is available only in the 'Complete Report' on purchase.
Weakness
This section is available only in the 'Complete Report' on purchase.
Opportunity
This section is available only in the 'Complete Report' on purchase.
Threat
This section is available only in the 'Complete Report' on purchase.
The PESTLE/PESTEL Analysis for QBE Insurance Group is given below:
Political | Economical |
1. Harmonisation, standardisation and globalisation of the insurance market
2. Deregulation in Insurance Industry
3. Impact of Russia-Ukraine war
| 1. Changes in financial and actuarial functions
2. High inflation is impacting premiums
|
Social | Technological |
1. Changing demography affects insurance | 1. Role of Advanced Data Analytics
2. Effect of Advanced Technology
3. API transformation journey in insurance
|
Legal | Environmental |
1. Changing laws of Insurance industry
2. Involvement in lawsuit impacts reputation
| 1. Changing environmental conditions
2. Launch of sustainable energies unit to support clients’ transition to lower carbon
|
On purchase the QBE Insurance Group SWOT and PESTLE Analysis PDF report will reach you within minutes. At rare times, a slight delay not exceeding 4 hours might be caused.
Detailed Pestle Analysis of QBE Insurance Group
Political
1. Harmonisation, Standardisation and Globalisation of the insurance market: The financial crisis has enhanced the communication and dialogue between and among the US, EU and regulators of emerging markets. This led to greater standardisation of products and policies, and also promoted more globalisation of the insurance value chain.
The remaining section under "Political" is available only in the 'Complete Report' on purchase.
Economic
This section is available only in the 'Complete Report' on purchase.
Social
This section is available only in the 'Complete Report' on purchase.
Technological
This section is available only in the 'Complete Report' on purchase.
Legal
This section is available only in the 'Complete Report' on purchase.
Environmental
This section is available only in the 'Complete Report' on purchase.
On purchase the QBE Insurance Group SWOT and PESTLE Analysis PDF report will reach you within minutes. At rare times, a slight delay not exceeding 4 hours might be caused.
TABLE OF CONTENTS
DELIVERY AND FORMAT
WHY CHOOSE US?
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Check Out Analysis of Other Relevant Companies
References used in QBE Insurance Group SWOT & PESTLE Analysis Report
1. Annual Report - https://qbeeurope.com/document-library/about-us/financial-reports/qbe-insurance-group-limited-annual-report-2021/
2. Fitch Affirms QBE Insurance Group at 'A-'; Affirms Core Subsidiaries' IFS Ratings at 'A+'/ Stable - https://www.fitchratings.com/research/insurance/fitch-affirms-qbe-insurance-group-at-a-affirms-core-subsidiaries-ifs-ratings-at-a-stable-25-11-2022#:~:text=Adequate%20Financial%20Flexibility
3. QBE teams up with online retailer Kogan.com - https://www.insurancebusinessmag.com/au/news/breaking-news/qbe-teams-up-with-online-retailer-kogan-com-401996.aspx
4. QBE reports 19% premium growth, $75m Russia exposure - https://www.reinsurancene.ws/qbe-reports-19-premium-growth-75m-russia-exposure/
The detailed complete set of references are available on request in the 'Complete report' on purchase.
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