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ICBA UK Challenges Some Media Headlines on Trade Credit Insurance

15 Sep, 2020

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Louise Garden, founding Director of EFCIS Trade Credit Insurance Brokers talks about some of the media headlines that have been hot topics for discussion recently – in particular those focussing on limits being pulled or reduced, commenting: “If you look at the impact on live customers and not the headline hype, it’s our experience that a good proportion of limits are being pulled where there is no current requirement for that limit. In context we estimate that in the UK, for the overall limits being underwritten only 5% are being pulled. But for markets like Argentina with an economy that was struggling before the pandemic this can be 30%+. Using our unique ARC software (Analysis of Risk and Compliance) we are looking at the real impact of limits being withdrawn or reduced and generally we note that based on current live limits these reductions have had little impact. But let’s not overlook the fact too that for some companies, limits were being pulled or reduced by Underwriters long before the global pandemic. These were brands that were financially weak and at risk of insolvency. The pandemic simply accelerated their demise. Over the coming months we will see the real beneficial effects of Trade Credit Insurance as businesses begin trading again, staff return to work and there is a renewed determination to succeed.”

 

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