QBE, the business insurance specialist, has announced that it is now offering trade credit insurance through its Dubai branch to companies based in the MENA region.
Businesses based in the Emirates are now able to access a range of QBE products covering whole turnover, specific account, excess of loss and top up credit insurance offering flexible solutions that cover their domestic and export trade receivables and that respond to their credit management needs. QBE will be working in partnership with Dubai National Insurance & Reinsurance Company, among others, and policies will be managed directly through specialised Trade Credit Brokers.
Trade credit insurance protects companies against the non-payment of trade receivables owing to the insolvency or protracted default of their buyers. With trade receivables accounting for a significant proportion of a company’s assets, non-payment of goods purchased on trade credit can have serious consequences for a company’s cash flow and profitability.
Khalil Eid, General Manager of QBE’s Dubai operations says: “We’re delighted to enhance our growing product range. The addition of trade credit insurance reflects the vibrant trading environment of this region and its growing connections with world trade. This new dimension to our portfolio allows us to respond to the growing risk management needs of companies across the region and to present new business development opportunities for brokers.”
Trevor Williams, Head of Credit & Surety Europe says: “As a business insurance specialist, we’re always looking for opportunities to improve and extend our offering to clients. Companies choosing to insure their trade receivables with QBE will benefit from the support of trade credit specialists across QBE’s worldwide network who provide expertise, insight and exceptional industry knowledge. We look forward to working with Khalil and his team and growing this area of our offering to companies in the MENA region.”
In support of this enhanced client offering, Manal Mefrej will join QBE’s team in Dubai as Senior Underwriter, Trade Credit Dubai. Manal will be responsible for sourcing and analysing financial information to support risk decisions being made by QBE’s global trade credit practice that relate to companies across the MENA region. In addition she will be responsible for developing more extensive links with local brokers and companies to promote our growing appetite for risk. She joins from Euler Hermes and will take up her role in early January 2015.