22,791 claims costing £320m – 95% more than last year
The Association of British Insurers’ (ABI) latest trade credit figures report 22,791 claims in 2009, with the total amount paid in claims rising from £164m in 2008 to £320m in 2009, a 95% increase year-on-year.
Nick Starling, the ABI’s director of general insurance and health, said: “Whilst trade credit insurers paid out a record amount in claims to policyholders during 2009, Q4 marked a significant improvement with number of new claims received down -23% on previous quarter.
“This is consistent with the end of the downward trends observed in various sectors of the economy and the corresponding reduction in levels of corporate failures observed in Q4 2009.
“The outlook for 2010, although improved from 2009, remains highly uncertain, which reinforces the importance of protection and risk management services provided by trade credit insurers."
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