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Business: Insurance

Volume 497: debated on Wednesday 14 October 2009

To ask the Minister of State, Department for Business, Innovation and Skills how many policies have been written under the Trade Credit Insurance scheme; and what the monetary value is of the cover provided. (291222)

[holding answer 16 September 2009]: As of 4 September this Government ‘top-up’ scheme has written 64 policies to a value of £10,435,865 in cases where commercial credit insurers have reduced cover. This reflects the targeted nature of the scheme which was designed to provide breathing space for those firms who have suffered a reduction in their credit insurance as a result of the current economic climate. It is part of the Real Help Now package of measures, and has provided targeted, temporary assistance to give companies that require time to talk to their banks and buyers, and then adjust their business models to respond to the current climate, the time to do so. Many businesses have successfully found ways to reduce their need for trade credit insurance, including developing closer relationships with their buyers, which is one of the policy objectives of the scheme.