Latest in the Wall Street Journal from Frederic Bourgeois, managing director of Coface's U.K. and Ireland business.

Credit-Insurance tool grows scarce and imperils trade

Cargo ports are thinning out as the coronavirus pandemic pummels global trade. Banks and insurance companies say trade could be squeezed even more if a financial product used to facilitate it isn’t restored to health.

During the last crisis, U.K. gross domestic product dropped 4.5%, and defaults increased more than 50%, according to credit insurer Coface. Economists estimate the U.K. economy will shrink between 6% and 13% this year, which will drive insolvencies, said Frederic Bourgeois, managing director of Coface’s U.K. and Ireland business.

Read the full article here

Sign up for the latest news

Blog

Five risks of emerging from lockdown

Compounding the tragic loss of life and the impact on our physical and mental health, the coronavirus has exacted a painful toll on livelihoods and the economy.

View Blog
Blog

The Government Guarantee for Trade Credit Insurance 13 May 2020

Many may have seen the welcomed announcement by the Government on their intended support to the UK Credit Insurance Industry. We are actively participating with the ABI and government representatives but it is difficult to

View Blog
Blog

5 ways your business can make use of ‘lockdown’

The coronavirus lockdown is turning into an endurance test for everyone but it is especially difficult for the business community who must contend with the financial shock caused by the enforced interruption of trade and the conti

View Blog