Tracker reveals how insurance industry is hit by late payments

Read full article on Insurance Business

The Sidetrade tracker, which shows the week-by-week payment behaviour of more than 3.7 million businesses in six European countries, has highlighted the British industries gravely impacted by payment delays tied to the coronavirus crisis.

Note that finance, insurance, real estate, as well as ICT are areas where late payment rate [in the UK] was already high prior to the pandemic: 56% and 53%, respectively,” said Sidetrade, which also tracks unpaid invoices in France, Spain, Italy, Belgium, and the Netherlands

38% unpaid invoices as of May 25, 2020, the UK has seen a slight improvement in customer-supplier relations. This is the first positive effect of lockdown exit.

In the ICT (information, communication, technology) world, 60% of invoices are over 10 days overdue, while the same is true for 55% of invoices in leisure and hospitality.