From QBELMI:
“We have revised our FY15 gross written premium expectations down by around five per cent or $200 million,” QBE’s chief executive of Australia & New Zealand operations Colin Fagen said.
“This is due to the delayed inception of the aforementioned new business opportunities, an industry-wide downturn in lenders’ mortgage insurance new business volumes, a slightly more competitive pricing landscape and a currency impact of close to $100 million due to the weaker Australian dollar.”
“On a constant currency basis, gross written premium fell by only one per cent primarily due to a 20 per cent industry-driven decline in lenders’ mortgage insurance premium and the general softening of the market, particularly in strata-title insurance products.
The firm said premium volume flows were “significantly reduced”. Good, just three years too late.
