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Association: Record £54M paid out for UK trade credit insurance claims in Q1

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Association: Record £54M paid out for UK trade credit insurance claims in Q1

U.K. trade credit insurers paid out £54 million in the first quarter, a record for the first three months of a year, as the insolvency of Carillion PLC took its toll, according to the Association of British Insurers.

The number of new trade credit insurance claims was 3,966 in the first three months of 2018, the highest level since the third quarter of 2009. The association noted that the figure equates to 44 new claims per day.

The association's data covers nine trade credit insurers: American International Group Inc., Atradius NV, Coface SA, Euler Hermes Group SA, Markel International Ltd., QBE Insurance Group Ltd., Tokio Marine HCC, XL Group Ltd. and Zurich Insurance Group AG.

Tokio Marine HCC is the marketing name used to describe the affiliated companies under the common ownership of HCC Insurance Holdings Inc.