QBE’s catastrophe losses remain well within budget for the year, despite the insurer’s exposure to a bevy of global storms, earthquakes and man-made disasters.

For the year to date, the global insurer’s large risk and catastrophe claims are estimated at $470 million, well within its full-year allowance of $1.28 billion. QBE faced a $430 million exposure at the same point last year.

The company released a statement to the Australian Securities Exchange last week in response to ongoing speculation about its exposure to recent disasters.

Catastrophe claims received by QBE so far this year include the storms in Perth and Melbourne, Cyclone Ului in Queensland, earthquakes in WA, Haiti and Chile, European windstorm Xynthia, Iceland volcano travel claims, US tornadoes and others surrounding the Transocean oil rig loss.

Group CEO Frank O’Halloran says that despite “the unusual frequency of catastrophes for this year, we still have a significant allowance of around $810 million for the remainder of 2010”.

By way of comparison, QBE said net claim costs in the last eight months of 2009 cost the company just $485 million.