Association of British Insurers: 166 per cent rise in cost of trade credit insurance claims

Association of British Insurers: 166 per cent rise in cost of trade credit insurance claims

Association of British Insurers: 166 per cent rise in cost of trade credit insurance claims

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.”

Notes

1. Enquiries to:
Jonathan French 020 7216 7392 (Mobile: 07958 330 480)
Malcolm Tarling 020 7216 7410 (Mobile: 07776 147 667)
Erfan Hussain 020 7216 7411 (Mobile: 07712 841 184)
Kelly Ostler-Coyle 020 7216 7415 (Mobile: 07968 364 302)

2. The ABI is the voice of the insurance and investment industry. Its members constitute over 90 per cent of the insurance market in the UK and 20 per cent across the EU. They control assets equivalent to a quarter of the UK’s capital. They are the risk managers of the UK’s economy and society. Through the ABI their voice is heard in Government and in public debate on insurance, savings and investment matters.

3. An ISDN line is available for broadcasts.

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