Most of Britain’s latest new exporting business are undeterred by Brexit and do not see it as destabilising European markets to the extent that they would no longer be able to sell to them.
That is the view of most of the finalists in the QBE New Exporter of the Year Award interviewed by the business insurance company as part of their report into managing export-related risk. The report said that overall exporters viewed Brexit as no more than a large-scale paperwork vs cost issue.
The report said that overall exporters viewed Brexit as no more than a large-scale paperwork vs cost issue.
However statistics from the Department for International Trade show that a majority of companies still do not consider themselves as possible exporters because of a low level of awareness of how to do it, fear of the risk and costs and not knowing where to go for information and guidance. Growth in exports has remained flat for the last two years while imports have grown steadily.
One of the key reasons for the positive stance from the QBE finalists were the opportunities provided by the current devaluation of sterling more than offsets any additional import duties that Brexit could bring. Another reason was that many of their expected growth markets were outside the EU anyway. A third reason was that many were already exporting outside the EU and so import regimes were already familiar to them. As a result, the report highlights that it may be easier for businesses to establish exporting now whilst trade agreements are still in place as it provides the opportunity to secure sales and prove success in a ‘known’ market.
The QBE report provides general guidance about how a new exporter can best navigate their way through some of the common challenges when beginning to export a product or a service; but it also aims to analyse clearly the risks in exporting, assess them honestly, and understand how to protect a business, at least in part, from any catastrophic failures in risk management.
David Hall, Managing Director of Retail for QBE Europe said: “QBE itself is an international business with offices in 37 countries. Because of our global presence, we insure a great many international businesses, and have what we believe is a uniquely strong set of insurance products, designed to help protect against all types of export risk, from supply chain failure to product liability and shipping issues. We can help businesses who may be struggling with risk management around global supply issues. Exporting is about partnership.”
Paul Adrian, Founder & CEO of MOJO Skin & Haircare, QBE New Exporter of the Year Award finalist said: "Our export strategy has been driven by targeting those international markets where there is both a demand for premium British products and the potential to scale the business such as, the USA and India. I am really excited about launching our brand in India, it’s the newest and fastest growing market in the world where consumers are hungry for new brands; it’s not been easy but the size and potential of the opportunity is far greater than in Europe.”
For further information and images contact:
Corporate Communications QBE,
Tel: 020 7105 5284
Tel: 020 7256 8912
QBE European Operations is part of QBE Insurance Group, one of the world’s leading international insurers and reinsurers and Standard & Poor’s A+ rated. Listed on the Australian Securities Exchange, QBE’s gross written premium for the year ended 31 December 2015, was US$14.7 billion As a business insurance specialist, QBE European Operations offers a range of insurance products from the standard suite of property, casualty and motor to the specialist financial lines, marine and energy. All are tailored to the individual needs of our small, medium and large client base. We understand the crucial role that effective risk management plays in all organisations and work hard to understand our clients’ businesses so that we offer insurance solutions that meet their needs – from complex programmes to simpler e-trading solutions – and support them in minimising their risk exposures. Our expert risk management and rehabilitation practitioners focus on helping clients improve their risk management so that they may benefit from a reduction in claims frequency and costs.
About the National Business Awards
Open to organisations of all sizes from all sectors across the UK, the National Business Awards is the UK’s most prestigious independent business recognition platform with its particular emphasis on excellence, innovation and ethical business. Now in its 15th year, the National Business Awards connects the nations’ professionals through its annual awards ceremony; year-round thought.