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Clyde & Co responds to new ABI trade credit figures PDF Print E-mail
Thursday, 06 April 2017
Following the publication of new figures from the Association of British Insurers (ABI) on the UK trade credit market, Clyde & Co partner Andrew Grant, a specialist in trade credit, commented:   “This is a tricky time for both the economy and the insurance market. We’re seeing a considerable volume of trade credit claims, but the market has stepped up to the plate before so there’s no need for concern. The UK is a world leader in trade credit insurance, supporting both domestic and world trade.”

On the cycle:
“We knew this was coming and we’ve seen this cycle before. The trade credit market operates on a 6–7-year cycle, which last got under way in 2009. The ABI’s assertion that this is as big or even bigger than 2009 is correct, but it’s important to understand that trade credit market itself is much bigger than in 2009.”

On Brexit:
“It’s good to see trade credit insurers supporting UK PLC. Now that we’re facing the whole Brexit situation, in which we have uncertainty over a trade deal with Europe and the rest of the world, it’s important that trade credit market is here, is growing and is healthy.”

On trade conditions:
“The high level of claims reflects the impact of the collapse of the oil price and commodity prices over the last few years. Countries that are oil and commodities-dependent have taken quite a hit. That translates into difficult conditions in emerging markets. Oil-dependent countries are really struggling.

“Even though the global economy feels buoyant, UK company insolvencies and defaults are up. This lifts a curtain on the rather odd world in which we live at the moment. Even as the economic indicators rise, companies are struggling to pay. It’s a tricky time for commerce.”

On the trade credit market:
“Seeing the growth in the trade credit market is very encouraging, but for how long can it be sustained? We have increasing capacity and pressure on rates. At least one major London player has exited the market. I don’t think that’s necessarily a bellwether for the market, but we may see others take a similar decision. However, there’s still lots of new interest and new capacity, which is positive for the UK’s trade credit market and UK PLC as a whole.”

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