QBE publishes Information and Communications Technology Autumn 2022 Sector update
Authored by QBE Senior Underwriter, UK and Middle Eastern Market, Karl McKiernan
Sector overview
After an exceptional 2021 for many in the ICT industry, 2022 has presented several obstacles resulting in subdued or flat demand. Geopolitical challenges stemming from Russia’s invasion of Ukraine has seen heavy sanctions imposed, with product destined for this region finding its way to the Middle East and Asia resulting in a glut of slow-moving stock. This in turn has seen a reduction in the average selling price, particularly for the likes of laptops, printers, and peripherals. Distributors sitting on high stock levels will have a test of nerve, either selling out at a potential loss or hoping for a recovery in the average selling price. This is a risky move in the fast-moving tech space.
CLICK HERE to access the full ICT Autumn Update
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.