Credit insurance - Credit claims on the rise
As more businesses face insolvency, Katherine Brandon looks at the issues faced by credit insurers
In November, Woolworths announced that it was to go into administration. This failure was followed by a profit warning from credit insurer Euler Hermes, with the liabilities from the collapse of Woolworths costing the firm around £44m.
Projections from Euler Hermes for 2009 are no more optimistic. It expects 34.2% more bankruptcies in the UK than in 2008, while statistics from the Association of British Insurers show that, in the third quarter of 2008, the number of credit insurer claims
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