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Update on the Trade Credit Reinsurance scheme | |
admin | |
2021-05-26 | |
发布年 | 2021 |
语种 | 英语 |
国家 | 英国 |
领域 | 气候变化 ; 资源环境 |
正文(英文) | Update on the Trade Credit Reinsurance schemeGovernment and insurers have agreed to end the successful temporary trade credit scheme. The government and the Association of British Insurers (ABI) have today (Wednesday 26 May) announced that the temporary Trade Credit Reinsurance (TCR) scheme will close on 30 June as planned. The scheme has directly benefitted over half a million businesses, providing certainty to firms across the UK and safeguarding jobs. It protected more than £575 billion of business turnover by providing around £210 billion in insurance cover. TCR was designed as a temporary solution to companies struggling to get insurance cover for transactions because of the pandemic. It is now ending in the context of a positive outlook for economic recovery in 2021, appetite for new business among participating insurers and the continued success of the vaccine rollout. Participating insurers have indicated to the government that the scheme is no longer required and they are keen to take back full underwriting control. The government and participating insurers will continue to work together to ensure there is a smooth transition to the private sector resuming its normal role of providing cover, as agreed with the ABI and participating insurers. Business Minister Paul Scully said:
The scheme was a vital and necessary intervention by the government in response to the coronavirus (COVID-19) pandemic, providing certainty to businesses across the UK and protecting jobs. The scheme has offered eligible insurers a government-backed reinsurance agreement, covering insurance offered on business transactions within the UK and overseas. This enabled trade, which required insurance but was unable to get it due to the uncertainty caused by the pandemic, to continue flowing. Huw Evans, Director General of the ABI, said:
John Glen, Economic Secretary to the Treasury, said:
It is vital that insurers and businesses proactively continue to engage with one another during this period to ensure any necessary revisions to cover are minimised. Whilst the government scheme is being wound down, insurers have committed in the joint statement between the government and the ABI to:
Similarly, during this period the government has committed in the joint statement to:
Following the conclusion of the scheme, the government will begin work on the review of the Trade Credit Insurance market to ensure that it is leading to fair outcomes for consumers.
Published 26 May 2021
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URL | 查看原文 |
来源平台 | Department for Business, Energy & Industrial Strategy |
文献类型 | 新闻 |
条目标识符 | http://119.78.100.173/C666/handle/2XK7JSWQ/328120 |
专题 | 气候变化 资源环境科学 |
推荐引用方式 GB/T 7714 | admin. Update on the Trade Credit Reinsurance scheme. 2021. |
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