Pandemic to hasten digital disruption: QBE
QBE's chief executive says the eventual recovery from COVID-19 will hasten the trend of digital disruption that was underway before the pandemic began.
Group CEO Pat Regan told shareholders at the company's annual general meeting, being held via webcast, that COVID-19 had "turbocharged how we use and engage with technology in an unprecedented and irreversible way".
He said it was more important than ever the insurer accelerated its program of work to build best-in-class data and digital capabilities.
Mr Regan said QBE had been able to maintain its customer service levels as its employees made a smooth transition to home-based operations.
The company has given $50 back to all of its Australian motor car insurance customers, reflecting that travel restrictions have resulted in fewer cars on the road and thus fewer insurance claims.
Chairman Mike Wilkins said the insurer had bolstered its capital position with another $US500 million of capital notes to wholesale investors, completed on Wednesday, and another $US750 million in equity from institutional shareholders in April.
Shareholders voted down two resolutions submitted by environmental activists related to climate change and a proposal in NSW to raise the height of the Warragamba Dam wall.
The first, calling on QBE to publish reduction targets for oil and gas, got 13.2 per cent of the vote with 86.8 per cent opposed.
The proposal related to the Warragamba Dam, which conservationists fear threatens the Blue Mountains World Heritage Area, got 6.7 per cent of the vote with 93.3 per cent opposed.
QBE shares finished down 2.2 per cent at $7.51.
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