The recession has seen more UK businesses claiming trade credit insurance to cover bad debts. Figures from the Association of British Insurers (ABI) show record payouts were made in 2009 totalling £320 million. That’s a 95 percent increase on payouts made in 2008. Overall trade credit insurers dealt with nearly 23000 (22791) claims last year. Experts say the increase is down to the ongoing effects of the recession. Nick Starling, director of general insurance and health at the ABI, says “The outlook for 2010, although improved from 2009, remains highly uncertain, which reinforces the importance of protection and risk management services provided by trade credit insurers.”
Increase in trade credit insurance claims
April 13, 2010 By
