The S&P/ASX 200 Index (ASX: XJO) has had a very pleasing two weeks. Since 7 March, the ASX 200 is now up by around 4.7%. That is quite a return for only a fortnight. But that has been put to shame by the performance of the QBE Insurance Group Ltd (ASX: QBE) share price.
Over the same period, QBE shares have gone from just over $10 a share to today's price (at the time of writing) of $11.32. That's a gain of almost 13%, including today's near-3% rise.
So what's going so right with the QBE share price?
Well, the first thing to note is that this share price recovery comes after a nasty fall in the month before 7 March. In fact, from 9 February to 7 March, QBE shares lost more than 21% of their value. The company's shares were hammered after the devastating floods across New South Wales and Queensland. As well as by QBE's ex-dividend date and a mixed-bag earnings report.
Even after the recovery we have seen over the past fortnight, QBE remains down by more than 11% since early February.
ASX expert investors: QBE share price is good insurance
But the steep share price falls this company has seen in 2022 so far seems to have gained the attention of some expert investors. As my Fool colleague James covered, earlier this month, broker Morgans came out with an add rating on QBE. That was complete with a 12-month share price target of $13.50. It's also expecting big things from QBE in the dividend department over the rest of FY2022.
In addition, we also got another bullish expert opinion on QBE share last week. As my Fool colleague Bernd reported, portfolio manager at fund manager Firetrail Scott Olsson picked QBE as a leading beneficiary of looming interest rate rises. Olsson argued that the $3 billion in premiums cash that QBE holds will reap extra income for the company when interest rates rise. That could come as soon as this year.
So these multiple bullish opinions on QBE might have enticed the market to rethink QBE's valuation. Thus, it could well be responsible for the stellar fortnight or so the insurance giant has enjoyed.
At the current QBE Insurance share price, this ASX 200 share has a market capitalisation of $16.7 billion, with a dividend yield of 2.65%.
