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Now is the time for companies to actively seek out opportunities to trade overseas secure in the knowledge they have the right Trade Credit Insurance to protect them, delivered by a knowledgeable and respected local expert; one who is part of a prestigious, experienced and highly regarded membership organization.

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ICBA UK Reports “Growing Demand” For Trade Credit Insurance

15 Sep, 2020

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Andy Moylan, Managing Director of EFCIS Trade Credit Insurance Brokers, the sole UK Member of The International Credit Brokers Alliance reports a rise in enquiries from businesses looking for Trade Credit Insurance despite the onset of a global recession ‘like no other’. Says Andy: “The UK has officially entered into the worst recession on record with the GDP estimates for June showing that the UK economy was 17.2% smaller than it was in February and data covering July showing 730,000 fewer people on payrolls since lockdown started. This scenario is being repeated in countries far and wide. But for several businesses we are talking to, this has given them fresh impetus to seek growth through exporting – in traditional markets and emerging markets. Trade Credit Insurance plays a crucial role in establishing good customers where trading terms can be extended, and cover offered under the policy.

This is possible because Underwriters have local risk offices to collect data on these companies and on the performance of the sector(s). A potential customer’s Payment Pattern Performance can be established by the local Underwriter. Trying to get this information in the UK without such a source would be impossible. This would then have a knock-on effect with bank funding and the new customer would have to pay up front which is an unsustainable scenario. Trade Credit Insurance remains a tangible business tool and one that as we work through this pandemic will become more important than ever.”

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