Credit cover insures suppliers against the risk of their client going bustOnline fashion retailer Boohoo has responded to reports that Allianz Trade had slashed credit insurance for its suppliers. The Times said in a report last week (16 July 2023) that credit cover had been reduced by an average of 50%. A spokesperson told Insurance Times: “With the credit insurance capacity less than 50% utilised, we wouldn’t expect any real impact from the reduction.”Credit coverAllianz Trade was approached by Insurance Times, but it declined to respond. This came after The Times reported that suppliers for rivals Asos also had their credit insurance cut by Allianz Trade in May. It saw invoice insurer Nimbla call on the government to extend the Trade Credit Reinsurance Scheme.

Source: The Times July 19, 2023 06:19 UTC