What Are We Missing on QBE

You know what worries me most about QBE? Floods? Storms? Earthquakes? Global warming? Interest rates? No; none of the above. They are all part and parcel of owning an insurance business. What worries me is that the case for buying the stock is so simple you can work it out on the back of an envelope. Net earned premium                          $16bn Insurance margin                              15% Insurance profit                ...

You know what worries me most about QBE? Floods? Storms? Earthquakes? Global warming? Interest rates?

No; none of the above. They are all part and parcel of owning an insurance business. What worries me is that the case for buying the stock is so simple you can work it out on the back of an envelope.

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