"The Government was fast to recognise the essential role trade credit insurance plays in enabling trade, protecting businesses from the risk of non-payment. The Trade Credit Reinsurance Scheme was revolutionary in terms of the blanket support it provided for the industry, enabling insurers to maintain underwriting stances on limits which would otherwise have been unfeasible due to the pronounced economic impact caused by Covid-19. This ensured the lifeline of non-payment protection has remained in place for businesses.
As the lockdown of businesses eases and we see the signs of economic recovery, with the scheme coming to an end, we are confident there will be a smooth transition for our customers. We constantly review our risk portfolio to ensure we are providing the best protection for customers and this has continued throughout the pandemic. Therefore, after the scheme ends, we do not expect to see significant changes.
In today’s uncertain climate, trade credit insurance has never been more vital and this is increasingly being recognised by businesses who are working with us to develop robust trade strategies to seize opportunities and mitigate risk with the buffer of protection from non-payment."
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