Call us today

Trade Credit Reinsurance scheme to support 630,000 UK businesses

Get in touch today - call Kent on 01634 570 390 or Surrey on 01737 370 493

Book a FREE consultation

If you would like to get some impartial advice, simply book a free consultation and we'll get in touch with you as soon as we can.

Trade Credit Reinsurance scheme to support 630,000 UK businesses

More than 630,000 UK businesses have been given the confidence to trade during Covid-19 after the Government announced guarantees of up to £10 billion to Trade Credit Insurance schemes.

Trade Credit Insurance enables businesses to trade safe in the knowledge that they will be protected if a customer defaults or delays on payment.

According to the latest statistics, the sector underwrites an estimated £350 billion of domestic and international economic activity of more than 630,000 businesses in the UK each year.

However, Covid-19 disruption has forced thousands of businesses to stop trading, resulting in higher rates of insolvency and non-payment. Experts said this was likely to increase the risk of credit insurance being withdrawn or premiums increasing to unaffordable levels, “which could cause serious issues for liquidity and working capital across business supply chains”.

To combat this, the Government’s £10 billion support scheme will guarantee the “vast majority” of transactions across the UK.

The reinsurance scheme, backdated to 01 April 2020, will run for nine months until 31 December 2020, with “potential for extension if required”.

Welcoming the announcement, Confederation of British Industry (CBI) Director of Financial Services, Flora Hamilton, said: “The new government guarantee to backstop trade credit insurance will be welcome by businesses across the UK. The TCI scheme will support supply chains, enable many to prepare for restart in earnest and bring employees off the job retention scheme and back into work.”

How has Covid-19 impacted your business? For support and advice, please get in touch with our expert team today.


Urgent COVID-19 Notice
Working From Home

Our first priority is the health and well-being of our team and our community. Therefore, with a heavy heart we have made the decision to temporarily work from home with immediate effect.

We are listening to the government’s daily updates, taking each day as it comes, and will reopen our offices as soon as it is safe to do so.

If you have any questions or need to discuss any issues at all please do email or call us on our usual number 01634 570 390.

The general email is

We hope everyone is keeping well and staying safe.

This website uses cookies to enhance your browsing experience... moregot it