Analysts at Macquarie have reduced the Price Target on QBE Insurance (ASX:QBE), an Australian insurer, to AUD 16.50 per share from AUD 16.80 per share.

The team at Macquarie cite movements in global premium rates and changes to bond yields as reasons for the near-term risk implications on QBE Insurance.

New forecasts predict FY23 gross written premium growth of 9.9%, which is lowered than the 13% registered in FY22.

On note of QBE Insurance’s stock performance, shares dropped by 0.8% to AUD 15.13.

Yet, the stock has seen a rise of 13.5% this year, as measured from the last closing value.

QBE Insurance is a prominent Australian insurer that operates on an international level offering financial protection and risk management.