QBE pulls out of Burma
QBE has decided to cut its ties with dictator-led Burma’s insurance market.
The insurer announced last week it has cancelled insurance provided to Burma and will stop providing insurance to companies operating in the country.
In a statement to pressure group Burma Campaign UK, CEO Frank O’Halloran said the group has reviewed its various portfolios around the world and has cancelled the “few incidental Burmese exposures on multinational insurance policies which could have a direct or indirect benefit for the current ruling party in Burma”.
“QBE does not have an office, an agent or any employees in Burma and does not provide insurance for any business owned in Burma,” he said.
The role of QBE in Burma was highlighted in the Burma Campaign’s report Insuring Repression, released last July, when QBE was added to the “insurance dirty list” after an investigation found company documents detailing two correspondent offices in Burma.
The insurer announced last week it has cancelled insurance provided to Burma and will stop providing insurance to companies operating in the country.
In a statement to pressure group Burma Campaign UK, CEO Frank O’Halloran said the group has reviewed its various portfolios around the world and has cancelled the “few incidental Burmese exposures on multinational insurance policies which could have a direct or indirect benefit for the current ruling party in Burma”.
“QBE does not have an office, an agent or any employees in Burma and does not provide insurance for any business owned in Burma,” he said.
The role of QBE in Burma was highlighted in the Burma Campaign’s report Insuring Repression, released last July, when QBE was added to the “insurance dirty list” after an investigation found company documents detailing two correspondent offices in Burma.