QBE gives back £10.6 million to motor fleet customers affected by lockdown
QBE has rebated £10.6 million in motor premiums to date to their motor fleet customers who have taken vehicles out of service during the Covid-19 pandemic.
QBE’s motor team prioritised requested from clients and assessed their needs on a case by case basis and were able to pay back premiums where vehicles were taken off the road and SORN. Customer’s cover was reduced to accidental damage and/or fire and theft until they begin trading again and the money returned to customers, in many cases in a matter of days.
Approximately 60% of rebates went to the bus and coach industry, which was hard hit by lockdown and social distancing measures.
Jon Dye, Director of Underwriting for Motor at QBE Europe, said: “As a major insurer in the UK of bus and coaches, we knew many of these customers and others had been adversely affected by lockdown. For these customers, flexibility in cover and the speed of getting premiums returned would be crucial.
In the current economic environment, many of our customers needed the rebate now instead of waiting for the next quarter, which can often be the case. We were able to act swiftly to make sure those rebates went back into the pockets of our customers as soon as possible.”
In addition to premium rebates, QBE is offering free and discounted risk management services on vehicle safety and online driving courses to help customers safely return to the road.
“As we emerge from lockdown and some of these fleets that have been laid up begin to return to a more normal working environment, we want to help our customers understand what risks this could bring. For businesses who manage fleets of vehicles, it’s important for owners and managers to ensure that all vehicles are safe and legal, and that drivers are prepared for the return to the road,” said Jon Dye.
QBE has also extended cover at no additional cost to those who have decided to use vehicles to help key workers and sectors during the Covid-19 crisis.
Authored by QBE
QBE European Operations is part of QBE Insurance Group, one of the world’s leading international insurers and reinsurers and Standard & Poor’s A+ rated. Listed on the Australian Securities Exchange, QBE’s gross written premium for the year ended 31 December 2018 was US$13.7 billion.
As a business insurance specialist, QBE European Operations offers a range of insurance products from the standard suite of property, casualty and motor to the specialist financial lines, marine and energy. All are tailored to the individual needs of our small, medium and large client base.
We understand the crucial role that effective risk management plays in all organisations and work hard to understand our clients’ businesses so that we offer insurance solutions that meet their needs – from complex programmes to simpler e-trading solutions – and support them in minimising their risk exposures. Our expert risk management and rehabilitation practitioners focus on helping clients improve their risk management so that they may benefit from a reduction in claims frequency and costs.
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