QBE has again reassured investors of its ability to deal with large-scale claims events as the Gulf of Mexico oil spill continues to spread and trouble hits the UK motor market.

The Sydney-based global insurer last week released its second market update within six weeks to the Australian Securities Exchange, in which it maintained its Gulf of Mexico losses remain within budget.

Swiss Re has calculated that insured losses from the spill could reach $US3.5 billion ($4.1 billion).

QBE says the latest statement was issued in response to “a number of calls from investors and analysts” regarding its exposures.

The earlier market update at the end of April revealed exposures of $470 million for the year to date were well within annual allowances of $1.28 billion.

QBE also used last week’s statement to douse speculation surrounding rising motor insurance claims which have blown a hole in the financials of rival insurer IAG.

Acknowledging suggestions it may be exposed to the same issues, QBE declared that claims reserves for UK motor liability claims held at December 31 remain at adequate levels.

“QBE advises that these claims reserves included an allowance for the anticipated higher bodily injury claims being experienced in the UK,” the company said.