Trade Credit Insurance

On the 13 May the market was informed by the Economic Secretary to the Treasury and the Parliamentary Under Secretary of State for the Department for Business, Energy and Industrial Strategy that the Government will temporarily guarantee business-to-business transactions currently supported by Trade Credit Insurance, ensuring the majority of insurance coverage will be maintained across the market despite the challenges posed by Covid-19. The guarantee will be delivered through a temporary reinsurance agreement to be agreed with insurers currently operating in the market. The scheme will cover trading by domestic firms and exporting firms and the intent is for agreements to be in place with insurers by end of this month.