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Insuring a UK recovery
21 April 2011
Trade credit insurance within the UK is still reeling from record claims during 2009 as well as a legacy of mistrust from corporates, but the industry shows signs of resilience. Dickon Harris examines how the UK trade credit insurance market is adapting to the recovery.
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trade credit insurance
Trade credit insurance as an industry suffered during the crisis. In 2009 credit insurers in the UK reported record 22,791 claims, while the total amount paid in claims jumped by 95% in a year increasing from £164 million ($262.2 million) in 2008 to £320 million in 2009.
In addition, the three large monoline credit insurers which dominate the global and UK market, Atradius, Coface and Euler Hermes, received negative press attention as they began withdrawing cover for their corporates during the onset of the crisis. Corporates suddenly found limits cut and policies unrenewed. The sudden withdrawal of cover caused some firms to trade uninsured – leaving them open to potentially catastrophic risks. This led to bitter complaints from UK firms which translated into bad headlines for the industry, despite the heavy losses insurers were taking from the record levels of claims.
Two years later and trade credit insurance...
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