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Your search for Annual General Insurance Overview Statistics 2014 resulted in 28 hits

• Coronavirus: Business Insurance further - guidance from the ABI

  18/03/2020

  “The spread of Coronavirus is unprecedented in modern times and we understand this is an incredibly difficult time for families and businesses.

• FAQ

  Why would businesses need trade credit insurance?

  The main reason a business would take out trade credit insurance is to reduce financial implications if a customer fails to pay. Without trade credit insurance in place, many more companies would suffer large financial losses, redundancies and put the business’ existence at risk. 

  However, trade credit insurance does not just protect businesses against any losses as a result of a customer being unable to pay their debts. Trade credit insurance also:

  • Helps businesses sell to new customers that may otherwise have been deemed too risky, knowing they are insured should the customer not pay their debts.
  • Provides additional support and knowledge to help the business avoid losses in the first place and help them grow safely.
  • Provides comfort to banks that the insured has a more secure financial position than otherwise may have been the case, which may in turn enable businesses to access additional bank finance.
  • Helps secure export business, giving confidence to explore new markets and being able to offer more competitive terms.
  • Helps free up capital for the business to use elsewhere, through a reduction in their bad debt reserve (an amount businesses expect not receive because some customers fail to pay).

• Update: ABI Comment on business insurance & COVID-19

  17/03/2020

  Following the Prime Minister and Chancellor's comments on insurance during the Government press conference earlier this evening, the ABI has issued this further comment;  "The Chancellor's…

• Why should businesses take out trade credit insurance

  Trade credit insurance helps businesses to safely sell more to existing customers, or expand to new customers.

• FAQ

  What is trade credit insurance?

  Trade credit insurance protects businesses by minimising the financial implications if a customer fails to pay them. It provides covers for businesses against commercial and political risks that are beyond their control.

  • Commercial risk – the risk that the business’ customers are unable to pay outstanding invoices because of financial reasons, such as declared insolvency or failing to pay within agreed timescales as set out in terms and conditions (ie. protracted default).
  • Political risk – the risk that a customer does not pay or pays later because of events outside the business’ or customer’s control. For example due to political events (wars, revolutions); or economic difficulties, such as a currency shortage that causes problems transferring money internationally. Many trade credit insurance companies now offer comprehensive political risk cover as part of a standard credit insurance policy.

  Trade credit insurers typically also have extensive knowledge of companies, sectors and economic trends that enable entrepreneurs to trade with confidence and grow their businesses safely.

• FAQ

  If an insurer withdraws cover for a company, can this cause them more financial problems?

  Withdrawing cover is normally a last resort; credit insurers will usually try to resolve the situation by engaging constructively with the insured’s customer before it gets to this stage. When credit insurance cover is removed, this does not stop a business from continuing to trade with their customer if they want to.

• FAQ

  How did trade credit insurers respond during the financial crisis?

  Trade credit insurers helped protect businesses from not being paid for goods and services due to the insolvency of their trading partner or when they failed to pay within the contract terms. ABI figures show ABI trade credit insurers paid £286m to businesses in 2009, helping them to mitigate the effects of not being paid, which could have put the business’ existence at risk. For many businesses at this time, having credit insurance gave them peace of mind, knowing they were protected against the potential financial stress of not being paid.

• FAQ

  How is a company meant to survive difficult financial times, if trade credit insurers always remove their cover from their suppliers?

  If trade credit insurance cover is removed, this does not stop a business from trading with their customer if they want to. Businesses can offer stricter payment terms to their customers or continue to trade without supplying goods or services on credit.

  Meanwhile, the business customer that is going through difficult financial times has a wide range of options available to help them address and resolve their financial problems, for example arranging a Debt Management Plan.

• James Daltons speech at the Worshipful Company of Firefighters: Fire Lecture 2016

  02/11/2016

  Out of the Ashes of the Great Fire of London: The insurance industry is born [Check Against Delivery] Introduction Masters, Wardens, Sheriff, Alderman, Distinguished Guests, Ladies and Gentlemen It…

• ABI response to the business interruption insurance test case judgment

  15/09/2020

  

  Insurers have supported this fast-track court process led by the FCA to help bring clarity for customers and we welcome the speed with which the court has delivered a ruling...