Trade Credit Insurance; an essential part of the business equation
By James Burgess, newly appointed Head of Commercial UK for leading trade credit insurer Atradius.
By James Burgess, newly appointed Head of Commercial UK for leading trade credit insurer Atradius.
When the chimes of Big Ben heralded in the New Year no one could have predicted how 2020 would unfold. A global pandemic, national lockdowns and widespread business closures; enough to drag the global economy into a recession more acute in magnitude
han the 2009 Great Recession. Months on from the onset of the pandemic,
the world is still grappling to get to grips with how to most effectively manage the crisis and nobody can predict with any precision what might happen next.
As a result of the pandemic and ensuing lockdown and containment measures, almost every major economy in the world is expected to enter recession with global GDP forecast to contract by 4.5% this year. The UK is expected to see the largest GDP contraction in Northern Europe on the back of a stringent lockdown compounded by continued Brexit uncertainty. In response, every global market is expected to experience a rise in insolvencies this year with a global increase of 26%. The UK is slightly ahead of this curve with a forecast 27% increase in insolvencies.
The economic foundations of our business community have been undeniably shaken. What we know more certainly than ever before is that businesses need our support – and they need it now. As an industry, trade credit insurance was first created to facilitate trade in the aftermath of World War I. Now we stand in the midst of another global crisis and we must recognise the role trade credit insurance can play in supporting businesses through the stormy waters surrounding us all.
Since its inception, trade credit insurance has evolved considerably from its origins as simply a product that comes into play in the event of non-payment – although paying out claims remains a core part of our offering. Today, as a leading trade credit insurer, Atradius acts as a true partner to businesses from the very beginning of their trade journey. We help customers to identify new opportunities, build robust trade and credit management strategies and navigate risk. Moreover, we are there to support customers at every step of the journey. At Atradius, we believe in building strong relationships and the positive relationships we share with our customers and our brokers are the cornerstone to managing risk and enabling trade.
Working together is crucial in order to provide the very best customer support and service while providing access to in-depth insights, real-time data, cutting-edge reports and expert advice helps our customers to truly realise the value in trade credit insurance. Success in business is all about decision making and we want to help our customers to make the right decisions for their business.
For more information on Atradius and access to a suite of free economic and country reports, visit the Atradius website https://atradius.co.uk. You can also follow @AtradiusUK on Twitter and AtradiusUK on LinkedIn.
As a result of the pandemic and ensuing lockdown and containment measures, almost every major economy in the world is expected to enter recession with global GDP forecast to contract by 4.5% this year. The UK is expected to see the largest GDP contraction in Northern Europe on the back of a stringent lockdown compounded by continued Brexit uncertainty. In response, every global market is expected to experience a rise in insolvencies this year with a global increase of 26%. The UK is slightly ahead of this curve with a forecast 27% increase in insolvencies.
The economic foundations of our business community have been undeniably shaken. What we know more certainly than ever before is that businesses need our support – and they need it now. As an industry, trade credit insurance was first created to facilitate trade in the aftermath of World War I. Now we stand in the midst of another global crisis and we must recognise the role trade credit insurance can play in supporting businesses through the stormy waters surrounding us all.
Since its inception, trade credit insurance has evolved considerably from its origins as simply a product that comes into play in the event of non-payment – although paying out claims remains a core part of our offering. Today, as a leading trade credit insurer, Atradius acts as a true partner to businesses from the very beginning of their trade journey. We help customers to identify new opportunities, build robust trade and credit management strategies and navigate risk. Moreover, we are there to support customers at every step of the journey. At Atradius, we believe in building strong relationships and the positive relationships we share with our customers and our brokers are the cornerstone to managing risk and enabling trade.
Working together is crucial in order to provide the very best customer support and service while providing access to in-depth insights, real-time data, cutting-edge reports and expert advice helps our customers to truly realise the value in trade credit insurance. Success in business is all about decision making and we want to help our customers to make the right decisions for their business.
For more information on Atradius and access to a suite of free economic and country reports, visit the Atradius website https://atradius.co.uk. You can also follow @AtradiusUK on Twitter and AtradiusUK on LinkedIn.
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