The QBE story began in October 1886, when young Scotsmen James Burns and Robert Philp – already partners in a shipping business – established The North Queensland Insurance Company Limited (QI).
The new enterprise grew rapidly and by 1890 QI had over 35 agencies at home and in far-flung locations such as London, Hong Kong and Singapore. Over the following two decades they increased their overseas operations, setting up in Thailand, Vietnam, Malaysia, India, China, Sri Lanka, Burma, and more.
The Q was taken from Queensland Insurance, B from Bankers’ and Traders’ and E from The Equitable Probate and General Insurance Company that had been already acquired by both companies.
QBE Vietnam specializes in professional lines, liability, marine, engineering, property, and specialty insurance.
QBE provides à range of professional products:
- Automotive Protection – Extended Warranty
- Combined General Liability
- Commercial Property
- Construction & Engineering
- Cyber & Data security
- Event Liability
- General Accident
- Home Insurance
- Personal Accident
- Marine Cargo
- Medical Malpractice
- Fixed Protection and Indemnity
- Multinational Insurance
- Professional Liability
- Terrorism Insurance
- Transporter Operator Liability
- Workmen’s Compensation
QBE has grown and evolved to become an international insurer and reinsurer with a local presence in 27 countries. They are headquartered in Sydney.
Overall Insurance Rating
Established as a pioneer insurer in Vietnam for professional lines, QBE has 100% ownership and back from QBE HQ in Australia, with strong regulations for guarantees and protection of the insured members. As mostly a corporate insurer for professional liabilities, pricing are commensurate with the risks and not imposed by lower market price undermining the capability to pay for claims when accidents arise.
As a professional insurer the benefits offered follow ‘mainstream needs’ solid but not innovative. The service is professional and conservative. Policies and wording are changing yearly to reflect risks and abuses on the Vietnam market, this is QBE work with professional brokers and sales network and final clients should consult their broker agent on the important changes implemented from one year to another.
As a specialist insurer, mainly for corporations, the range of products is limited and there is little customization on the products ranges and benefits, especially on the personal insurance lines.
Pricing is above the Vietnam market to reflect the economic reality of risk and claims refund. The downside is obviously fair international market pricing but the upside is fair refund for clients as risks are carefully priced with a view to refund their cliens in case of an accident.
QBE uses only a professional network of broker agents for product offer, sales and distribution. They use specialized claims adjudicators with a view to fair decisions on refund, therefore QBE servicing is considered high level.
NB. Due to low professionalism in the nascent insurance industry in Vietnam, a dozen years only, true professional and ethical services are still fairly rare and difficult to find.
Ideal Client Profile
Professional people and companies who are ready to pay the price to receive the corresponding service and peace-of-mind for their insurance matters.