UK Government reinsurance scheme closure confirmed
As we reported recently, the Government’s £10bn Trade Credit Reinsurance Scheme will close on June 30, 2021 – and this has now been confirmed by the Government and the Association of British Insurers (ABI).
When the temporary scheme was announced it was a bold step, and here at the Channel Partnership we strongly believed it was the right one. It demonstrated the critical importance of trade credit insurance to UK businesses and to the economy.
The scheme was intended to provide support during the time of greatest economic uncertainty. According to Government figures more than half a million businesses have directly benefitted, which means creating the confidence to keep trading and so safeguarding jobs. That’s around £210 billion in insurance cover protecting more than £575 billion in business turnover.
We believe this is testimony to the agility and resilience of the UK trade credit insurance sector that UK Government support is no longer needed after so short a period.
As ever, The Channel Partnership continues to provide best quality advice and guidance to UK companies about the most appropriate credit insurance solution.
Please contact Tom Rolfe / Andrew Smith for more information.
Tom Rolfe | firstname.lastname@example.org | 07889 659 339
Andrew Smith | email@example.com | 07932 567 900