Covid-19: Industry welcomes government-backed trade credit reinsurance scheme
Biba CEO Steve White says trade body worked with the government, the ABI and the Confederation of British Industry to find a solution after brokers in the trade credit sector said they found it “extremely difficult” to place new business.
The insurance sector has welcomed the government’s move to develop a temporary reinsurance scheme to guarantee transactions supported by trade credit insurance.
British Insurance Brokers’ Association (Biba) CEO, Steve White, told Insurance Age that he was “pleased by the announcement”, adding that it will secure the continuing supply of trade credit insurance as the economy starts to re-open.
“Our members told us that without government intervention to underpin the trade credit insurance
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