Credit insurers slammed for pulling supplier cover
Insurance which guards against clients not paying suppliers is becoming tougher to come by as providers withdraw cover, says IFT
Insurance which guards against clients not paying suppliers is becoming tougher to come by as providers withdraw cover, says IFT
The Institute for Turnaround has criticised credit insurers for withdrawing
cover across the whole of troubled business sectors, without taking the
situations of individual companies into account.
The insurers provide cover to companies which gives business some protection
from clients not paying their invoices, but the IFT has said that the insurance
is drying up.
Christine Elliott, chief executive of the IFT told the FT that a poll of
members had uncovered ‘ blanket sector reductions in credit cover,’ or
‘withdrawal without regard to individual operations.
‘If a sector is viewed negatively, [the insurers] may well pull sector cover
and not discriminate, Elliott added.
Further reading:
FDs
face three-month wait for bank funds
The numbers you crunch tell a story. Your expertis...
16yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleBody Shop, Ted Baker, Farfetch, MatchesFashion and Wilko among latest retailer insolvencies. Number of businesses in trouble are the highest in five y...
View articleInsolvency statistics in the UK for the second quarter of 2023 were the highest since 2009 with 83% of them relating to small businesses Read More...
View articleThere were 6,342 recorded company insolvencies in Q2, reflecting a 9% increase compared to the number of insolvencies in Q1, and a 13% increase compar...
View articleThe survey paints a “brightening” picture of the global economy, according to the ACCA Read More...
View articleThe pandemic may have “distorted” some economic data Read More...
View articleAdvisory firms must offer a “more supportive” and holistic approach to clients amid the economic downturn Read More...
View articleHaving a clear plan and clean data to help optimise the use of scarce resources will be key for businesses Read More...
View articleThe Coronavirus Job Retention Scheme has supported millions of jobs amid the pandemic, but with the support measure set to end in September, how can a...
View article