The UK Government has announced that they are temporarily going to act as reinsurer and provide a guarantee to the UK Credit Insurance industry.
- This announcement is very significant for NI businesses who trade domestically or internationally and follows intense lobbying of the NI Executive by Willis Towers Watson supported by our Trade Bodies and The Business Alliance.
- This is also highly relevant for NI Companies that net credit from their Trade Suppliers, both domestically and abroad. The suppliers that are insured and supported by relevant state backed schemes should be able to continue to supply NI copanies that have been hard pressed and seen their own Credit Ratings reduced by the credit insurers.
As Willis Towers Watson are the local voice of authority on this matter, they are happy to provide you with more details, so don’t hesitate to give them a call. If you are impacted as a supplier, buyer or both.
Details are still ongoing between the ABI and the Treasury, with final detail to come, but WTW will continue to lobby, and encourage others to do the same.
For more information, contact Nigel Birney, Head of Trade Credit, NI on 07917107441 or at nigel.birney@willistowerswatson. Any other queries about how Covid-19 is impacting your insurance, pleawe contact Trevor McClintock, Head of Sales and Client Management on 07790798444 or via Trevor.firstname.lastname@example.org