Over £500,000 was paid out every day in 2016 by UK trade credit insurers
A new report released by the Association of British Insurers (ABI) has revealed that £574,000 was paid out by trade credit insurers’ everyday throughout 2016. The report, which has published some key facts about the UK insurance sector, found that it contributes £35bn to the UK economy and that the UK is the 4th largest provider of insurance in the world.
The ABI research also found that there were a total of 12,000 trade credit insurance policies taken out within the UK in 2016.ABI General Director, Huw Evans said “The industry makes a vital contribution to the UK economy as a world-leading sector. This is why the cross-party Treasury Select Committee recently called for it to be treated as a ‘priority sector’ in Brexit negotiations so UK firms can continue to serve our wide customer base in the EU.” Here at The Channel Partnership, we are delighted to be a part of the insurance sector and although 12,000 policies is a positive amount, more businesses need to think about protecting their business especially within this time of uncertainty.
For more information about credit insurance and to discuss the right type of policy for your business, please contact one of our specialist advisors on 01275 817320.