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ABI launches new Trade Credit Insurance Guide

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 Shepard says:

“The ABI’s new Trade Credit Insurance Guide gives businesses all the information they need to know to help them grow their business in these uncertain times. Trade credit is always there for business owners, not just when a claim is made and insurers have the right people with the right skills to help companies mitigate risks such as non-payment or improve access to funding, from banks and financial institutions often at more competitive rates.

When a company agrees to sell its goods or services on credit to a customer, it places itself at risk of non-payment and the effect can be detrimental to the company’s balance sheet and future success. Should a customer be unable to pay its debts, credit insurance will pay out a percentage of the outstanding amount owed (typically around 90%)."

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. 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.

     3. An ISDN line is available for broadcast

4. More news and information from the ABI is available on our web site, www.abi.org.uk.


Last updated 15/11/2016