Genworth loses NAB insurance contract to QBE
National Australia Bank is ending its contract to have homebuyers purchase insurance from Genworth Mortgage Insurance Australia, in a further blow to the listed insurer's business as it braces for higher claims sparked by the coronavirus crisis.
Genworth, which provides cover to banks against customers who default, made 12 per cent of its gross written premium revenue last financial year from the contract with NAB. But the mortgage insurer told investors on Wednesday that NAB had decided to let it expire in November this year.
Chief executive Pauline Blight-Johnston said Genworth was disappointed to lose the NAB contract.CREDIT:CHRISTOPHER PEARCE
A NAB spokeswoman said the bank had chosen QBE as its sole mortgage insurer in order to
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