2008 sees 51% increase in trade credit claims
The Association of British Insurers (ABI) released figured showing that the number of trade credit insurance claims rose to 8,366 in the fourth quarter of 2008, an increase of nearly 3,000 claims (51%) from the same period of the previous year.
The value of claims incurred in 2008 totalled £360m, up from £257m in 2007 while the total value of turnover insured increased to £302.5bn from £282bn in 2007.The ABI has also published a new Statement of Principles on Trade Credit Insurance, which outlined how trade credit insurers operate and what their clients should expect from them.The statement included an overview of how risk assessment decisions are made; a commitment to provide, on request, reasons for a decision to stop or
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