NI Insurance chief says proactive management of credit risk essential as Brexit negotiations kick off

The Head of Trade Credit Brokers in Northern Ireland, told a business audience today in Belfast that the uncertainty around Brexit can be controlled with proactive risk management.

Addressing the Chartered Institute of Credit Management event (the professional body for credit management professionals), Nigel Birney, Head of Trade Credit and Political Risks for Northern Ireland, stated that the rise in demand for credit insurance has been significant as the economic uncertainty triggered by the UK’s exit from the European Union has started to take hold.

 Credit Risk Warning: Nigel Birney, Trade Credit Brokers

Credit Risk Warning: Nigel Birney, Trade Credit Brokers

Nigel Birney, Head of Trade Credit and Political Risks for NI, Trade Credit Brokers:

“Business in the UK is likely to see an increased level of insolvency, losses and projects put on hold as trade credit risks are exacerbated by Brexit.”

“Getting paid on time, and getting paid what you expect to get paid when you enter into a contract can be difficult at the best of times, however, with the added complexity of our future relationship with the EU still unknown, a plan needs to be put in place.”

“Brexit negotiations have now kicked off and we should expect to see increased apprehension as businesses try to stay ahead of the game and ensure that there is as little risk to their day to day trading as possible. A key component of that plan should be trade credit, which provides an opportunity for continued growth in uncertain times.” 

“Credit insurance, provides vital protection to businesses against the impact of bad debt, caused by the failure of customers to pay for goods or services sold on credit, and is now an essential component for businesses seeking to manage risk proactively.”