QBE Insurance attacks lawful firearm owners:
We would like to make you aware of a change regarding QBE’s risk appetite for firearms, which may affect some clients.
We wanted to let you know about this change as early as possible so that you can make alternate arrangements for clients if required.
QBE’s Global Underwriting Committee (GUC) recently agreed on a change in QBE’s risk appetite for insuring the sale and/or manufacture of firearms. This is a global QBE initiative that affects all branches of QBE worldwide, including New Zealand and all QBE corporate and commercial products are affected except where we must continue to offer cover where we are required to do so by law.
Effective 1 October 2018, QBE will no longer insure customers whose turnover is more than 50% derived from the manufacture and/or sales of firearms.
In addition, QBE will stop insuring any organisation, association or club which provides permits to own, purchase, carry or use firearms, or whose primary purpose is to support the right to bear firearms, or which conducts or otherwise supports activities involving the use of firearms. This includes shooting clubs and Political parties that support the use of firearms.
Why are we making this change?
At QBE we firmly believe that we have a responsibility to be a good corporate citizen in the communities and countries where we operate. This change is important to ensure that QBE is engaged in underwriting consistent with the Principles of Sustainable Insurance, the avoidance of reputational risk, and the increasing investor and societal concerns over the proliferation and use of firearms today.
When will these changes take place?
For new business this change is effective from 1 October 2018, and for renewals we will not be renewing policies incepted on or after 1 November 2018.
We understand that you may have questions on this change and ask that you please talk to your usual QBE Contact to discuss these changes.
General Manager New Zealand Operations