Amlin withdraws all credit insurance cover

by David Masters

Story link: Amlin withdraws all credit insurance cover

Amlin has withdrawn its services from the credit insurance market because it has struggled to find reinsurance cover.

The insurer, which owns about 4% of the UK’s credit insurance market, has said it will not be writing any new policies for businesses who supply goods or services to other businesses on credit.

Credit insurance covers businesses against business customers who refuse to pay or are unable to pay.

Amlin’s chief executive, Charles Phillips, said finding reinsurance to cover credit insurance policies is ‘becoming more difficult’.

He added that Amlin has struggled to remain profitable against fierce competition from the three main players in the credit insurance market.

The company is in preliminary discussions with other credit insurers to see whether one of them will renew credit insurance policies currently held with Amlin.