Watchdog Warns Of Lasting Effect Of COVID On Trade Credit
Law360, London (July 7, 2021, 12:12 PM BST) -- Insurers could now treat some types of business as "inherently vulnerable" after the COVID-19 pandemic, potentially affecting the availability of trade credit cover for some sectors of the economy, the European Union's insurance regulator has said.
The European Insurance and Occupational Pensions Authority said on Tuesday that businesses that rely on physical contact, such as aviation, retail and hospitality and events, could struggle to get trade credit insurance even after the pandemic. The cover offers protection against contractual defaults by a supplier or buyer, typically as a result of a corporate insolvency. Insurers introduced widespread exclusions during the pandemic over factors linked to...
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