QBE Insurance Group Ltd (ASX: QBE) shares have climbed around another 1% higher in Wednesday lunchtime trade. At the time of writing, the shares are changing hands at $24.57 a piece. At one point, the share price reached as high as $24.60.
Today's increase follows a strong share price rally so far in 2026, and marks the highest trading price in nearly 16 years.
The financial shares are now over 24% higher for the year to date, and around 5% higher than 12 months ago.
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What has driven QBE shares higher?
QBE shares have been climbing higher on the back of support from a stronger insurance earnings backdrop and higher premiums.
Last month, the company posted its first-quarter FY26 update, revealing an 11% year-on-year increase in gross written premium (GWP), or 7% on a constant currency basis.
The insurer reported total funds under management of $36.1 billion at the end of the quarter.
The company also maintained its FY26 outlook, pointing to mid-single-digit gross written premium growth and a group combined operating ratio of around 92.5%.
It looks like many investors were pleased with the update and are continuing to jump on board.
Do brokers rate the insurance stock as a buy, sell, or hold?
Experts are bullish on the outlook for QBE shares over the next 12 months. But it looks like, after the latest rally, a lot of the positive sentiment is already reflected in the share price.
Market Index shows that the majority of brokers have a buy rating on QBE shares. But the $24.58 average target price implies just a tiny 0.1% upside at the time of writing.
TradingView data shows more diversity in analysts' sentiment. Of 11 analysts, seven have a buy or strong buy rating, two have a hold rating, and two rate the shares as a sell.
The average $24.81 target price implies a slightly higher 1% upside at the time of writing. However, some think QBE shares could climb up to 10% higher to $26.91 over the next 12 months.
Investment firm Market Partners is positive about the outlook for QBE shares. It recently noted that QBE has been working hard to simplify its business over the past 5 to 10 years, including a number of acquisitions, and it's now paying off. The experts said QBE is an emerging turnaround story.
On the flip side, UBS raised concerns last month about the outlook for QBE shares. It said that there's potential for a softer insurance pricing backdrop heading into 2027, particularly if premium rate growth loses pace more quickly than expected.
Meanwhile, Macquarie has a hold rating on QBE shares with a $25.10 price target.
