Is QBE Insurance Group profitable in 2025?

Yes. QBE reported FY2025 gross written premium of US$23,959 million, net insurance revenue of US$18,412 million, and a combined operating ratio of 91.9%, improved from 93.1% in FY2024, per its February 2026 results presentation. QBE stated it exceeded its financial plan for the year.

Could AI replace QBE Insurance as a company?

No. QBE holds regulatory capital, insurance licenses across 26 plus countries, and Lloyd's syndicate access that AI cannot itself hold or be licensed for. QBE is deploying AI as a tool, launching lead algorithmic underwriting with insurtech Aurora in March 2026, while remaining the liability-bearing, capital-holding insurer.

Who is QBE Insurance Group's biggest competitor?

In its Australian home market QBE trails IAG (about 24-29% share) and Suncorp (about 21-27% share), holding roughly 10-14% itself as of a November 2025 comparison. Globally it coexists with Chubb, AIG, Zurich, Allianz, Munich Re, and Swiss Re rather than losing ground to any single rival.

Who owns QBE Insurance Group?

QBE is a fully public company listed on the ASX (ticker QBE) with no controlling parent, private equity backer, or venture investor. Governance is transitioning as Yasmin Allen AM succeeds Mike Wilkins AO as Group Chair effective 8 May 2026, while Andrew Horton has served as Group CEO since September 2021.

What is QBE Insurance Group's combined operating ratio and why does it matter?

QBE's group combined operating ratio improved to 91.9% in FY2025 from 93.1% in FY2024, per its February 2026 ASX results announcement. However, its North America division ran hotter at 97.7% COR on US$7,658 million GWP, a watch point for underwriting discipline in that market.

Is QBE Insurance Group losing market share to insurtechs or AI-native carriers?

No evidence of share loss to AI-native insurtechs was found as of the FY2025 results in February 2026. QBE itself is investing in AI via QBE Ventures' 2024 seed funding of Aurora and their March 2026 algorithmic underwriting launch, positioning as an AI adopter rather than a target of disruption.

Insurance companies · Australia

QBE Insurance Group

qbe.com ↗

140-year-old Australian global P&C insurer and reinsurer with US$24B in premiums.

Hard to displace

Assessed 25 July 2026 · Evidence as of 25 July 2026

Strong structural protection; the business model survives ai pressure.

On the recordSince 25 July 2026 · Checkable from 8 May 2026 · Every call on the record Checkpoint: Group Chair transition from Mike Wilkins to Yasmin Allen

The call

QBE holds capital, licenses, and specialty data that keep it writing risk peers and AI tools can only support, not replace.

QBE is a big insurance company that takes on risky bets for businesses worldwide, particularly in tricky areas like crop damage, shipping losses, and mortgage insurance. It is hard to replace because it has spent 140 years collecting detailed records about what goes wrong in these specialty areas, holds government licenses in 26+ countries, and needs massive amounts of cash reserves that regulators require (AI tools can speed up their paperwork but cannot become the insurer itself). The thing to watch is whether catastrophes next year exceed their $1.13 billion budget for disaster payouts, and whether new leadership arriving in 2026 keeps the company on its current path.

Why

AI pressure: None apparent. AI tools speed up QBE's own claims handling and underwriting; no licensed AI-native carrier yet holds capital to write its specialty risks. Could AI do the core job? Unlikely.

Bigger players: Chubb, Zurich, Munich Re, Swiss Re. Bigger global peers compete across specialty and reinsurance lines but none has visibly taken share from QBE's crop, marine, or LMI books. Could a giant copy it? No, they are blocked.

What protects it. Regulatory capital rules, Lloyd's licenses across 26+ countries, and 140 years of specialty loss data new entrants can't replicate fast.

What would change this call

North America COR stays above 96% through FY26 H1 results. would show the North America division remains a persistent drag on group profitability.
Actual FY26 catastrophe losses exceed the US$1.13B allowance. would show underwriting/reserving assumptions are too optimistic for volatile perils.
Group Chair transition to Yasmin Allen on 8 May 2026 followed by strategy shifts. would signal a change in QBE's risk appetite or capital allocation direction.

Key numbers

FY2025 gross written premium US$23.96 billion (2026-02-20)
FY2025 combined operating ratio improved to 91.9% (2026-02-20)
North America division combined ratio 97.7% (2026-02-20)

Named risks

North America division combined ratio of 97.7% underperforms group average, pressuring underwriting margins. Severity: medium
Catastrophe exposure could exceed FY26 allowance of US$1.13 billion given hurricane and wildfire volatility. Severity: high
Ongoing US litigation against QBE subsidiaries over force-placed insurance and coverage disputes. Severity: low
Chair transition to Yasmin Allen in May 2026 creates uncertainty over strategic continuity. Severity: low
New mandatory Australian climate reporting standards add compliance complexity starting 2025 Annual Report. Severity: medium

Rivals, as read in July 2026

Rival	Direction	Evidence
IAG (Insurance Australia Group)	losing to	IAG holds ~24-29% Australian market share vs QBE's ~10-14% as of Nov 2025
Suncorp	losing to	Suncorp holds ~21-27% Australian market share vs QBE's ~10-14% as of Nov 2025
Chubb, AIG, Zurich, Allianz, Munich Re, Swiss Re	contesting	Coexisting peer competitors globally, no reported share loss to any as of FY2025
Aurora (insurtech)	gaining on	QBE partnered with rather than lost to Aurora, launching joint algo underwriting March 2026

Questions people ask

Is QBE Insurance Group profitable in 2025?: Yes. QBE reported FY2025 gross written premium of US$23,959 million, net insurance revenue of US$18,412 million, and a combined operating ratio of 91.9%, improved from 93.1% in FY2024, per its February 2026 results presentation. QBE stated it exceeded its financial plan for the year.
Could AI replace QBE Insurance as a company?: No. QBE holds regulatory capital, insurance licenses across 26 plus countries, and Lloyd's syndicate access that AI cannot itself hold or be licensed for. QBE is deploying AI as a tool, launching lead algorithmic underwriting with insurtech Aurora in March 2026, while remaining the liability-bearing, capital-holding insurer.
Who is QBE Insurance Group's biggest competitor?: In its Australian home market QBE trails IAG (about 24-29% share) and Suncorp (about 21-27% share), holding roughly 10-14% itself as of a November 2025 comparison. Globally it coexists with Chubb, AIG, Zurich, Allianz, Munich Re, and Swiss Re rather than losing ground to any single rival.
Who owns QBE Insurance Group?: QBE is a fully public company listed on the ASX (ticker QBE) with no controlling parent, private equity backer, or venture investor. Governance is transitioning as Yasmin Allen AM succeeds Mike Wilkins AO as Group Chair effective 8 May 2026, while Andrew Horton has served as Group CEO since September 2021.
What is QBE Insurance Group's combined operating ratio and why does it matter?: QBE's group combined operating ratio improved to 91.9% in FY2025 from 93.1% in FY2024, per its February 2026 ASX results announcement. However, its North America division ran hotter at 97.7% COR on US$7,658 million GWP, a watch point for underwriting discipline in that market.
Is QBE Insurance Group losing market share to insurtechs or AI-native carriers?: No evidence of share loss to AI-native insurtechs was found as of the FY2025 results in February 2026. QBE itself is investing in AI via QBE Ventures' 2024 seed funding of Aurora and their March 2026 algorithmic underwriting launch, positioning as an AI adopter rather than a target of disruption.

Timeline

2026-03-18QBE and Aurora launch fully automated lead algorithmic underwriting for marine yacht P&I
2026-02-20QBE FY2025 results: GWP US$23,959M, combined ratio 91.9%, exceeded financial plan
2025-11-14QBE announces Yasmin Allen AM to succeed Mike Wilkins AO as Group Chair
2025-05-09QBE reports FY2024 net profit of US$1.779 billion, up 31% over 2023
2024-10QBE Ventures provides seed funding to insurtech Aurora
2021-09Andrew Horton becomes QBE Group CEO after leading Beazley Group
1973Merger of Queensland Insurance, Bankers and Traders, and Equitable Life forms modern QBE
1886North Queensland Insurance Co. founded in Townsville, QBE's origin

Head to head

AIG vs QBE Insurance Group Chubb Limited vs QBE Insurance Group QBE Insurance Group vs Suncorp Group

Revision history

25 July 2026

First assessed. Hard to displace. The text above is fixed as of this date and is not edited afterwards.

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