“Recent uncertainty a reminder of importance of having cover in place” – Shepherd
The Association of British Insurers (ABI) has today published a new guide that showcases the value of trade credit insurance to business ahead of the ABI Annual Conference on November 22nd 2016.
As economies across the world respond to uncertainty caused by political shake-ups across the globe, the new guide explains how trade credit insurance can not only protect all types of businesses but also assist them to grow in new and existing markets.
Trade credit insurance provides cover for businesses if customers who owe money for products or services do not pay their debts, or pay them later than the payment terms dictate.
It is an enabler for businesses, with almost 12,000 policies taken out by British companies in 2015; not only to protect their business but also to see it grow. In 2015 ABI members insured almost £300 billion of turnover and enabled numerous trading partnerships to flourish.
ABI’s Assistant Director, Head of Property, Commercial & Specialist Lines, Mark Shepherd says:
“The ABI’s new Trade Credit Insurance Guide gives businesses invaluable information to help them grow their business in these uncertain times. Trade credit insurance helps businesses have the confidence to trade, secure in the knowledge they are financially protected. Arguably this has never been more important and recent uncertainty should serve as a reminder to businesses of the importance of having cover in place."
A copy of the Trade Credit Insurance Guide can be found here.
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Notes for Editors:
1. Enquiries to:
Malcolm Tarling 020 7216 7410 Mobile: 07776 147667
Lauren Gow 020 7216 7327 Mobile: 07889 641702
Sarah Cordey 020 7216 7375 Mobile: 07860 189071
2. What is trade credit insurance?
Trade credit insurance provides cover for businesses if their customers that owe money for products and services do not pay their debts, or pay them later than the payment terms dictate. This insurance protects businesses against commercial risks that are beyond their control and helps them to grow by minimising the financial implications of sudden or unexpected customer insolvency. Credit insurance gives businesses the confidence to extend credit to new customers and improves access to bank funding, often at more competitive rates. Trade credit insurance is for products and services that are due within 12 months.
3. The Association of British Insurers is the leading trade association for insurers and providers of long term savings. Our 250 members include most household names and specialist providers who contribute £12bn in taxes and manage investments of £1.9 trillion.
4. An ISDN line is available for broadcast.
5. More news and information from the ABI is available on our web site, www.abi.org.uk