Trade Credit insurance hits GFC levels

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Trade Credit insurance hits GFC levels

Trade Credit insurance claims for the third quarter of 2012 are the highest they have been since the height of the GFC.

The quarterly credit risk index found there has been a 24% increase in the number of claims placed and a 41% increase in the dollar value of claims.

Extended payment terms are creating flexibility for debtors. Sixty per cent (60%) of key industry credit managers surveyed have seen an increase in requests to extend credit terms.

According to ASIC, in the first eight months of 2012, total external administrations were up 3.4% on 2011. The index score is 9.8% higher than third quarter 2011, indicating a worsening of the current credit risk environment.

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