Recently the Burma Campaign UK, a group that works for the promotion of human rights, democracy and development in Burma, announced a major victory. QBE Insurance has announced it has cancelled insurance it provided to Burma and is to cease providing insurance to companies operating in the country. QBE is the largest managing agent at Lloyd’s of London and describes itself as “Australia’s largest international general insurance and reinsurance group”.
In a statement to the 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.”
“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 Johnny Chatterton, Campaigns Officer at the Burma Campaign UK. “QBE’s welcome decision shames insurers like Catlin and Atrium that continue to help fund the Burmese regime.”
Stumble It!
{ 0 comments… add one now }