Insurance giant QBE says its exposure to business interruption insurance claims by UK customers will be limited to $US75 million ($A115 million) because of reinsurance.
“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,” it said in a statement.
QBE said it usually provides business interruption insurance as part of a broader policy covering property damage and noted its business interruption policies typically do not cover claims arising from COVID-19.
The insurer last month raised $US825 million ($A1.3 billion) in expectation that several countries will experience “severe economic recessions”, tapping shareholders for cash to build a buffer against the impacts of the coronavirus pandemic.
By 1015 AEST, QBE shares were up 1.5 per cent at $7.84.