Credit: Insurance

(asked on 5th June 2019) - View Source

Question to the HM Treasury:

To ask Her Majesty's Government what assessment they have made of the credit insurance cover available to the supply chain of product-based businesses.


Answered by
Lord Young of Cookham Portrait
Lord Young of Cookham
This question was answered on 19th June 2019

Government monitors the credit insurance landscape and credit insurers’ pricing practices, through liaison with providers, businesses, and industry bodies. We will continue to study the market and closely monitor trends.

Government has been made aware of restrictions in credit insurance cover some small and medium-sized product-based businesses are facing in the current trading climate. Difficult trading conditions, market trends, and uncertainty have led some credit insurance providers to reassess the level of cover they are willing to offer in certain sectors. This varies by industry and firm, and is a commercial decision for insurers.

Other financial services products are also available to support businesses in lieu of credit insurance, for example from banks.

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