According to statistics from the Association of British Insurers, credit insurance claims are up 42% to nearly £150m in the last twelve months, a level equal to that of the claims made in the lead up to the 2008 financial crisis. In terms of claim numbers, this is a 19% jump to almost 11,000 claims, despite a low level of insolvencies in the UK.
“Economic uncertainty appears to be causing firms to claim on their insurance if one of their customers pays late, or not at all,” said Mark Shepherd, general insurance policy manager at the ABI.
Other relevant statistics:
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