New Delhi (Mizzima) - Australia based insurance company and the largest Lloyd’s managing agent has decided to stop providing insurance to companies operating in Burma.
Queensland Insurance, Bankers’ and Traders’ and Equitable merge [QBE] which claims to be Australia’s largest international general insurance and reinsurance group has cancelled their business involvement in Burma after the boycott campaign of activists based in United Kingdom.
The QBE official in Australia told Mizzima that the company has decided to stop insurance business in Burma but the official refused to reveal further information including the reasons why it decided to end their business link with the military ruled Burma.
Johnny Chatterton, campaigns officer at the Burma Campaign, United Kingdom (BCUK) told Mizzima that they had discussions with QBE for a number of weeks regarding its operations in Burma and the company finally decided to cancel its insurance provided to Burma
“We do warmly welcome QBE’s decision to withdraw from Burma,” said Chatterton. “And it is a shame for remaining companies that they continue to insure the industries that finance Burma brutal regime,” he added.
In a statement to Burma Campaign, UK, Frank O’Halloran, QBE’s Chief Executive said, “QBE has reviewed its various portfolios around the world and has cancelled the few incidental Burmese exposures on multinational insurance policies which could have a direct or indirect benefit for the current ruling party in Burma… QBE does not provide insurance for any business owned in Burma.”
In October 2008, Lloyd’s of London, a leading marketplace in England, wrote to all of its managing agents to reconsider whether their businesses have links with Burmese junta or not after it received a letter from the British government’s Foreign & Commonwealth Office (FCO) and with the mounted campaign activities of the Burma support groups in the United Kingdom.
The Burma Campaign, UK in July 2008 had named sixteen insurance companies in its "dirty list" that have business dealings with the military junta in Burma. They included Hannover RE, Catlin, Atrium, XL, ARIG, Tokio Marine, Sompo Japan and Mitsui Sumitomo,QBE,ACE, Labuan Re, OCBC Bank, Pana Harrison, Target Insurance Broker and AI Wasl.
At least two insurance companies, namely XL and Chubb, which are among the world’s leading insurance companies, have pulled out of Burma last August.
“We are aware of 12 companies that are currently doing insurance business in Burma that fund the Burmese regime. Those are what we know. May be there are some more others doing business with military junta in Burma,” said Chatterton.
“Foreign insurers provide a financial lifeline to Burma’s brutal regime. They insure the projects that make the regime billions of dollars a year. These billions don’t help the people of Burma, they entrench military rule and fund campaigns of ethnic cleansing in Eastern Burma” said Chatterton in the press statement of BCUK.
“We urged all insurance companies that continue to insure business in Burma to pull out and stop funding brutal regime,” said Chatterton.
