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UK Trade Credit Insurance Claims Hit 10 Year High

13 Feb, 2020

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The Association of British Insurers has said that “ competition from online sales, rising business rates, lower consumer spending, and a weaker pound” combined with the backlog of Brexit uncertainty (now partly alleviated) are  to blame for UK Trade Credit Insurance Claims at a 10 year high.

There were 5,114 trade credit insurance claims made by UK businesses in the first three months of 2019 – the highest quarterly level seen since 2009.
The total value of claims paid was £48m, up by £1m compared to the previous quarter with an average payment of £9,000 made to 57 firms every day.
“What these figures show is the compelling need for businesses to have Trade Credit Insurance,” said Andy Moylan, Managing Director of EFCIS Trade Credit Insurance Brokers and The ICBA UK Member.

“For every one of these companies making a claim Trade Credit Insurance protected their sales ledger and enabled them to trade with confidence knowing that in the event of a bad debt, their policy would pay out. In the absence of Trade Credit Insurance, how many of these companies would have experienced difficulties in continuing to trade with their cashflow severely impacted? How many would have gone out of business?”

“It’s incumbent on every professional involved in talking about and arranging Trade Credit Insurance to point out the significant and tangible business benefits that every business from an SMB to a PLC will gain from having the protection it confers. At the ICBA this is our ongoing message. Our voice will get louder in 2020!”

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