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QBE withdrawal will lead to increase in cost of insurance – Wool expert

20
Jul '09
The wool industry is in a quandary after QBE withdrew from offering insurance facilities to some sectors of the textile industry, which includes the wool sector from July 1 and which has now created a situation of uncertainty for exports of wool to the countries of the European Union.

To get to the root of the matter and understand the implications of the decision of QBE to withdraw support to the wool industry, Fibre2fashion took the initiative to speak exclusively to Mr Peter Morgan, Consultant to the Australian Wool Industries Secretariat (AWIS) and the mother body of other wool trade organizations.

Mr Morgan though declined to comment on the reasons leading to withdrawal of insurance facilities by QBE, but concerning the impact said that, “There will be large increases in cost of credit risk insurance and companies will face difficulty in obtaining risk insurance for new clients”.

When quizzed about plans of the wool sector to change the ways and means of doing business, i.e., shifting to opening letters of credit, he replied by saying that, “The Australian Council of Wool Exporters & Processors is in discussion with the Government on this matter”.

Fibre2fashion News Desk - India


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