The British Insurance Brokers' Association (BIBA) is the UK 's leading general insurance organisation representing the interests of insurance brokers, intermediaries and their customers. BIBA membership includes 1,700 regulated firms. BIBA brokers handle around half the value of all UK home, contents, motor, travel, commercial and industrial insurance policies. Insurance brokers make a direct and indirect contribution of 1% to UK GDP.
BIBA is the voice of the industry advising members, the regulators, consumer bodies and other stakeholders on key insurance issues. BIBA provides unique schemes and facilities, technical advice, guidance on regulation and business support and is helping to raise, and maintain, industry standards.
BIBA launches scheme for trade credit insurance
In light of recent high-profile collapses of companies such as Monarch and grocery wholesaler, Palmer & Harvey; BIBA has launched a new scheme for trade credit insurance through recognised experts in the field: CMR Insurance Services Limited.
This new scheme provides BIBA members with access through CMR Insurance Services Limited to trade credit insurance, which protects businesses from the risk of their commercial clients not paying invoices. CMR’s managed credit insurance policy reduces the risk of a bad debt destabilising a business.
Trade credit insurance supported £314 billion of UK trade last year*, enabling businesses of all sizes ranging from SMEs to multinational corporates, across a wide range of trade sectors, to grow their businesses, capitalise on trade opportunities and protect their bottom line
BIBA Head of Technical Services Mike Hallam said: “For members, this provides access to a class of insurance that can be invaluable to businesses. There is no question that there is a need for this type of insurance, according to the Association of British Insurers (ABI), in 2016 trade credit insurers paid out an average of £4 million per week in claims settlements. We look forward to working with CMR.”
For more than 27 years CMR Insurance Services Limited has been providing credit insurance to prudent successful businesses across the UK. Their clients range from start-ups to major corporations in almost every key sector of business and industry. As the Appointed Representative of Atradius, one of the world’s leading credit insurers, clients can benefit from the strength of financial backing to ensure claims are paid fully and promptly. At the same time customers receive the excellent service that is the trademark of CMR.
Christian Hoy, Managing Director of CMR Insurance Services Limited said “We are delighted to be working with BIBA to promote bad debt insurance that applies to any company that gives credit to their customers. There are always risks associated with trade and taking steps to protect cash flow is a wise precaution in any economic environment. In today’s challenging marketplace the risks are heightened and this cover is more necessary than ever during these unpredictable and uncertain times.”
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