London – 01 October 2018
Shannon Murphy, assistant head of risk underwriting at Euler Hermes, the world’s leading trade credit insurer, said:
“Trade credit insurance claims across manufacturing are rising. The automotive sector is in a particularly tough period and we expect insolvency levels to rise this year as consumer spending wanes and diesel sales fall.”
“Manufacturers are still reporting strong order books for the next three months. But many are concerned that the enduring Brexit uncertainty will soon start to have a more detrimental effect on output volumes as export orders fall and input costs increase, particularly in sub-sectors with integrated, cross-border supply chains.”
“Despite the heightened fears of a ‘no deal’ Brexit, very few manufacturers have contingency plans in place, particularly smaller firms across the supply chain. Companies say greater clarity on Brexit will be needed to help their future business planning.”
Media contacts:
Euler Hermes PR contact
Adrian Russell
+44 (0)20 7860 2728
[email protected]
Public relations agency contact
David Bertram
+44 (0)161 235 0300
[email protected]
