Scheme to protect credit insurance transactions extended
The UK government, the Association of British Insurers (ABI), Euler Hermes and other underwriters have agreed to extend the State Support Scheme as providers warn of increased insolvencies.
The deal will see the government’s guarantee for up to £10bn of credit insurance transactions continue for a further six months through to 30 June 2021.
Provider Euler Hermes explained in a statement that the extension enables insurers to continue to provide extensive cover to their clients, which helps UK businesses to trade in the face of the ongoing challenges and insolvency risks to supply chains posed by Covid-19.
Contribution
The State Support Scheme is currently in effect from 1 April
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