This is on top of an unprecedented package of support that have put in place to help protect individuals, businesses and the economy.
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 anticipate the full extent of the proposals and how and when it will be implemented. However, these measures should help give confidence in our industry and to our clients and is in addition to other measures that the Government have implemented to support the economy.
This crisis is unprecedented and the disruption to trade significant and unfortunately is leading to an exponential increase in late payment and insolvency. It is further encouraging that the Government recognises the vital role our industry plays in the support of trade and keeping supply chains functioning. We at Coface are determined to assist our clients and help them navigate through the crisis.
It is important to note that, whatever the final details of the scheme, all insurers will remain bound by their duties towards regulatory authorities and their reinsurers.