Kudos to QBE for listening to the concerns of their customers after immense pressure was applied from many sources when they withdrew Trade Credit insurance cover without warning.
It's rare in the corporate world for anyone to listen to the concerns of their customers, let alone act but QBE have done just that.
QBE has its roots in Australia and while their actions were un-Australian, they have now made moves to redeem themselves and restore faith in the industry.
Following is what we know so far.
1. QBE apologised for how they went about it and understand that it has caused stress on their partners and policyholders.
2. They have listened to our feedback and have made some positive changes for policyholders.
3. Effective immediately, for the vast majority of limits that were nilled on Saturday 28th March, QBE will reinstate them at 50% of the original credit limit value automatically.
4. Their appeals process remains available for exceptional circumstances.
5. QBE will continue to work through the situation and keep brokers informed as things develop.
As more information comes to hand we will keep you informed.