Home / Knowledge / News / Textiles / Wool sector calls on govt to avail insurance credit
Wool sector calls on govt to avail insurance credit
Jul '09
The wool industry is in a quandary after the withdrawal of QBE from offering credit insurance to some sectors of the textile industry, which includes wool from July 1 and called on the government to support the insurance companies.

QBE, on its part has defended its decision of withdrawing insurance facilities, by saying that it had made huge insurance payouts to the wool industry after overseas buyers did not make the requisite payments.

This has also led to an increase in costs of buying insurance from other big insurance companies, which in the current times is pinching the exporters and making it difficult to trade with European based companies.

The fallout of this crisis could be that business with the biggest importer of wool; China may increase since, importers from China do business, by means of a letter of credit, which is beneficial to the exporters.

Business with the European buyers is done on a 120 days line of credit and experts aver that changing the system may prove to be difficult, since the buyers too are facing acute financial crisis due to the credit crunch.

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 25th Oct 2016

Arvind to dilute 10% stake in brand business arm

Arvind Limited, one of India’s largest integrated textile and apparel ...

Courtesy: Commonwealth Bank of Australia

Textiles | On 25th Oct 2016

World’s first cotton shipment using Skuchain’s Brackets

The world’s first trade transaction involving shipment of cotton...

Textiles | On 25th Oct 2016

Cotton yield to increase to 568.29 kg/ha in 2016-17: CAB

At its first meeting for the cotton season 2016-17, the Cotton...

Interviews View All

Anvita Mehra
Confidential Couture

‘It is going to take some time for Indian buyers to get accustomed to...

Victor Chao

‘In future, clothing boundary lines will become increasingly blurred.’

Awen Delaval

'Natural fibres are appreciated for traditional authenticity'

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer Prathyusha Garimella is known for blending...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies

October 2016

October 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Browse Our Archives


Advanced Search