0347 GMT - The impact of the Los Angeles wildfires on QBE looks manageable for the Australian insurer, UBS analyst Kieren Chidgey says. The investment bank's U.S. insurance analysts estimate a US$20 billion industry loss from the fires, which Chidgey reckons could mean a US$65 million loss for QBE, which has less than a 1% share of the California market. This is comfortably within its capabilities and would leave QBE with ample catastrophe headroom through the remainder of its 2025 fiscal year, he writes in a note. UBS has a buy rating and A$23.00 target price on the stock, which is up 1.7% at A$19.42. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
January 13, 2025 22:47 ET (03:47 GMT)
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