In June 20201, HM Government, following lobbying by the Association of British Insurers and calls for assistance from Trade Credit Insurers, announced that they would provide a package of reinsurance support. This was in recognition of the vital role credit insurance plays in supporting the supply chain and facilitating trade.
The COVID-19 pandemic has heavily impacted the UK economy1 resulting in many businesses struggling with mounting debt, unpaid bills and reduced cash flow. Many Credit Insurers are predicting unprecedented levels of business failure and are concerned about their ability to continue to provide cover in a deteriorating and distressed economy.
The Government Reinsurance Scheme that came into effect earlier this month gives protection to the Credit Insurers who are participating, so that they can continue to provide the necessary levels of cover to support recovery in the UK economy.
Register for our webinar at 10 am on Thursday 8 October 2020, when our Trade Credit specialists will provide an overview of the scheme and how it will benefit insurers and clients.
Our speakers include:
Tim Fisher, Managing Director, Trade Credit
Philip Prunty, Executive Director, Trade Credit
Colin Cunningham, National Client Development Leader, Trade Credit
Gallagher is a risk management, insurance and HR/benefits consultancy and will be sharing their views in that capacity. This webinar is not intended to give legal or financial advice, and, accordingly, should not be relied upon for such. This should not be regarded as a comprehensive statement of the law and/or market practice in this area. In preparing this webinar we have relied on information sourced from third parties and we make no claims as to the completeness or accuracy of the information contained herein. It reflects our understanding as at the date of the webinar but you will recognise that matters concerning COVID-19 are fast changing across the world. You should not act upon information nor determine not to act, without first seeking specific specialist advice. Our advice to our clients is as an insurance broker and is provided subject to specific terms and conditions, the terms of which take precedence over any representations in this webinar. No third party to whom this is passed can rely on it. We and our officers, employees or agents shall not be responsible for any loss whatsoever arising from the recipient’s reliance upon any information we provide herein and exclude liability for the content to fullest extent permitted by law. Should you require advice about your specific arrangements or circumstances, please get in touch with Gallagher.
1. https://www.gov.uk/government/news/trade-credit-insurance-backed-by-10-billion-guarantee
2. https://www.ons.gov.uk/economy/grossdomesticproductgdp/articles/coronavirusandtheimpactonoutputintheukeconomy/june2020
