Lenders mortgage insurers quarantine virus-impaired

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The pre-nationalistion LMI sector has taken its first step towards public ownership, Via Banking Day:

QBE has begun notifying home lenders that it has suspended mortgage insurance coverage for new loans taken out by home buyers employed in industries hard hit by the COVID-19 crisis.

While the move reflects prudent risk management by the insurer amid rapidly deteriorating business conditions, it could rankle political leaders who last week called on the insurance industry to continue underwriting risks in the Australian economy.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.