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05 Jun 20201 minute read

£10 billion guarantee for TCI

ECAtoday
£10 billion guarantee for TCI

Trade Credit Insurance, which provides essential cover to hundreds of thousands of business-to-business transactions, will receive up to £10 billion of government guarantees.

  • The Trade Credit Reinsurance scheme, which has been agreed following extensive discussions with the insurance sector, will see the vast majority of Trade Credit Insurance coverage maintained across the UK.
  • The guarantees will support supply chains and help businesses during the coronavirus pandemic to trade with confidence, safe in the knowledge that they will be protected if a customer defaults or delays on payment.
  • The scheme will be available on a temporary basis for nine months, and can be backdated to 1 April 2020. It will be available to insurers operating in the UK market.

Please see further information here.

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