Latest ABI figures show that trade credit insurance remains a vital lifeline to businesses that are hit by the effects of the recession. In Quarter 1, 2009:
* The total number of claims was 9,213, an increase of 48% from 6,225 in Q1 2008.
* The total value of claims was £316m, an increase of 166% from £119m in Q1 2008.
Nick Starling, the ABI’s Director of General Insurance and Health, said:
“The substantial increase in both the number of claims received by trade credit insurers and the cost of those claims shows that trade credit insurers are continuing to support businesses, especially small enterprises, through the recession.
“Trade credit insurance claims are a good indicator of what is happening in the UK economy and how that is affecting UK businesses. Clearly, the economic situation remains very tough, trade credit insurers will continue to support their customers through detailed risk assessments and paying claims when things do go wrong.”
