Late payment improves in insurance
Late payment of bills by firms in the insurance sector improved in the second quarter of 2012, although the situation is still worse than a year ago.
According to Experian, businesses in insurance paid their bills an average of 20.24 days late in Q2 2012, an improvement on the 21.06 days late figure in Q1 2012 but still behind the 18.29 days recorded in the second quarter of 2011.
The latest late payment data did however reveal that insurance was ahead of the average payment terms in the economy. In Q2 this year, UK firms paid invoices 23.38 days after agreed terms, compared to 25.23 days during the same period in 2011.
The biggest
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