Insurance Claims Surge After Thomas Cook Collapse

Law360, London (January 10, 2020, 2:40 PM GMT) -- Trade credit insurers handled record claims of £271 million ($354 million) in the third quarter of last year, a rise that has been attributed to the collapse of tour company Thomas Cook.

The Association of British Insurers said on Thursday the value of new “bad debt” claims, in which a company loses out after a partner business fails to meet its financial obligations, had rocketed from £82 million in the previous quarter.

The average single claim has increased to £67,000 the ABI said, an increase of 200% over the same period.

The trade body said the rise is a consequence of the closure...

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