40% drop in number of claims though value is higher
Association of British Insurers (ABI) figures show a fall of almost 40% in credit insurance claims in the three months to 21 August, the first quarterly fall in a year, the FT reports.
The number of claims fell to 5,661 but the total claimed rose from £68.7m in the same quarter 2008 to £81.4m.
"Our members think that claims probably peaked in the first quarter of this year," said Nick Starling, director of General Insurance and Health at the ABI. "But while it is encouraging that claim numbers are falling, companies need to be careful because insolvencies are just as likely to happen coming out of a recession as going in."
Tim Smith, head of trade credit at Marsh, the broker, said: "The big insurers are still saying that claims are much higher than they have been historically."
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