ABI: Trade credit insurers pay record amount in claims as businesses are helped through the recession

ABI: Trade credit insurers pay record amount in claims as businesses are helped through the recession

ABI: Trade credit insurers pay record amount in claims as businesses are helped through the recession

Latest ABI figures show that trade credit insurers have paid out a record amount in claims in Quarter 3 (Q3) 2009. The total amount paid in claims was £125m, an increase from £38m in Q3 2008, a 227% increase year-on-year. This is a reflection of the global recession and the liquidity crisis affecting UK businesses.

These latest figures demonstrate the real value trade credit insurers add to businesses that are facing particularly challenging times during the recession.

Nick Starling, the ABI’s Director of General Insurance and Health, said:

“This year has seen a record number of claims and payouts by insurers, with trade credit insurers continuing to insure well-managed businesses. This provides reassurance to clients that they could cope if a company they are supplying to gets into difficulty, especially vital for trading in a recession. Trade credit insurance often makes the difference between a good business staying afloat or going under.”

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Notes for Editors

1. Enquiries to:
Erfan Hussain 020 7216 7411 (Mobile: 07712 841 184)
Malcolm Tarling 020 7216 7410 (Mobile: 07776 147 667)
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.