STEPHEN JONES MP
SHADOW ASSISTANT TREASURER
SHADOW MINISTER FOR FINANCIAL SERVICES
MEMBER FOR WHITLAM
MATT THISTLETHWAITE MP
SHADOW ASSISTANT MINISTER FOR FINANCIAL SERVICES
SHADOW ASSISTANT MINISTER FOR THE REPUBLIC
MEMBER FOR KINGSFORD SMITH
BIG INSURERS MUST SUPPORT SMALL BUSINESS WHEN IT COUNTS
The Morrison Government must put large general insurers on notice that now is not the time to abandon their small and medium enterprise (SME) customers impacted by COVID-19.
Reports that QBE has withdrawn new trade credit protection for many SMEs and significantly reduced cover for other clients means that more businesses are now exposed to further uncertainty.
This move is a kick in the guts for loyal customers and solid businesses now looking for support when they need it the most from big insurers such as QBE.
Labor is concerned that insurers refusing to do their job could impact on SME access to credit and lead to further job losses across the nation.
Small businesses have been contacting Labor MPs explaining that QBE’s decision may mean they will now be forced to close.
Now is the time for the Morrison Government to be taking all possible action to support small and medium sized businesses impacted by COVID-19.