Increase in UK Trade Insurance Claims
Recent statistics released by the ABI confirm that times are getting harder for UK businesses as more and more are forced to rely on trade insurance claims
An interesting indicator of the country's economic climate is that of claims for trade credit.
Figures released by the ABI show that more and more businesses are being forced to claim on their trade credit insurance policies.
For example there has been an increase in claims for the third quarter of 2008 in comparison to the same period in 2007 of 34 percent - the value of claims rising from some £60 million to nearer £100 million.
Risk assessment is, naturally, a thriving concern and insurers are working very hard to make sure that clients have the cover they need and, as importantly, the cover they merit. Where companies have a high likelihood of default cover may be withdrawn.
These recently released figures are a good indicator of what is happening in th UK economy and the effect that the economic downturn is having on businesses.
A spokesman, Nick Starling says : "t is the priority of trade credit insurers to continue to support customers through the looming recession, and at times to navigate them away from risk."
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