Credit insurance could cost 25% more

With conditions set to worsen on the high street, suppliers are facing a major hike in the cost of credit insurance next year – if they can get it at all.

The world’s biggest credit insurer, Euler Hermes, has warned that credit insurance premiums could rise by as much as 25%.

And many retailers have already had their cover withdrawn, the most high-profile casualty being Woolworths, which lost its credit insurance some weeks ago before going into administration.