VIRUS ‘WILL HASTEN DIGITAL DISRUPTION’

QBE’S chief executive says the eventual recovery from COVID-19 will hasten the trend of digital disruption that was under way before the pandemic began.

Group CEO Pat Regan ( pictured) told shareholders at the company’s annual general meeting, being held via webcast, that COVID-19 had “turbocharged how we use and engage with technology in an unprecedented and irreversible way”.

He said it was more important than ever that the insurer accelerated its program of work to build best-inclass data and digital capabilities.

Mr Regan said QBE had been able to maintain its customer service levels as its employees made a smooth transition to home-based operations.

The company has given $50 back to all of its Australian motor car insurance customers, reflecting that travel restrictions have resulted in fewer cars on the road and therefore fewer insurance claims.

Chairman Mike Wilkins said the insurer had bolstered its capital position with another $US500 million ($776.6 million) of capital notes to wholesale investors, completed on Wednesday, and another $US750 million in equity from institutional shareholders in April.

QBE was also set to announce later yesterday the outcome of resolutions, including two supported by activists and not supported by the board.

One calls on QBE to publish exposure reduction targets for oil and gas and the other is related to a proposal in NSW to raise the height of the Warragamba Dam wall to provide flood mitigation measures.

QBE shares were trading 0.65 per cent lower at $7.63 at 1140 AEST.