Listen to the BBC Radio 4 interview with Milo Bogaerts, chief executive of Allianz Trade UK and Ireland, about trade credit insurance government support scheme.
There were over 17,196 insolvencies in 2019 in the UK.
2020 insolvency figures are expected to be significantly higher due to the Covid-19 pandemic.
The current crisis brings with it a significant increase in unpaid invoices and the risk of non-payment due to the deterioration of companies’ credit worthiness in the UK and around the world.
Through the provision of continued insurance cover, the support program* will shield insured companies from these risks, substantially reducing the domino effect that payment defaults can create across the supply chain. It will allow supply chains to get going as economic activity opens up following the easing of lockdown.
* The Government-backed trade credit insurance support scheme will provide a £10 billion guarantee, covering 90% of domestic and export insured transactions back-dated to the 1st of April 2020 in exchange for 100% of premium up until end of 2020.
What is Trade Credit Insurance?
Trade credit insurance covers B2B companies against the risk of late or non-payment. It serves an important economic purpose by being the “invisible glue” that holds together industries and trade. By giving trust to trade it keeps the economy going and it also reduces systemic risk by preventing chains of insolvencies.
How we help businesses in times of crisis?
* Eligibility: companies that engage in B2B trade and offer terms of payment.
"We predict trade and credit risk today, so companies can have confidence in tomorrow.”
Find out if you can benefit from the scheme
At Allianz Trade we value your time and will try to respond to your enquiry on the same working day.
Some questions may take a little longer to answer, but we aim to provide you with a response within 3 working days.