ABI: More firms buy insurance in economic downturn
www.moneynews.co.uk > Insurance > ABI: More firms buy insurance in economic downturn
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Money News |
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ABI: More firms buy insurance in economic downturn
Fri 5th Sep 2008
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The Association of British Insurers (ABI) said that the market for the cover has grown for the third consecutive year.
This means it has risen 40 per cent since 2004, demonstrating that more firms are relying on the insurance to help them cope with risks caused by the faltering economy.
Nick Starling, director of general insurance at the ABI, welcomed the news that small businesses were recognising the importance of taking out appropriate cover.
He added that while the economy is failing, trade credit insurers "expect to pay out more claims during 2008, as business insolvencies rise".
Lloyd's of London's chairman Peter Levene has warned that the insurance market is at risk due to lower tax rates in other countries.
Mr Levene called upon chancellor Alistair Darling to take action and amend tax treatment in the UK, according to Bloomberg.
Click here for more insurance news.
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