QBE publishes Automotive Spring Update 2022
By QBE Trade Credit Risk Underwriter Kiri Enver
The Automotive industry has experienced a challenging couple of years. Demand for vehicles remains strong but output has been stalled by the ongoing supply chain constraints. Last year several vehicle manufacturers were forced to temporarily shut down production due to global shortages of semi-conductors. Further production suspensions have been announced in recent weeks due to supply chain instability created by the crisis in Ukraine. Restrictions on the availability of new vehicles has resulted in increased demand for used vehicles and a rapid increase in their value. Despite facing showroom closures and a rapid shift to operating remotely, dealerships have reported record results on the back of strong consumer demand and price inflation. They do however acknowledge that uncertainty remains given the reduced availability of new vehicles and increasing inflationary pressures
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About 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.