Construction and manufacturing sectors borrow the most to fund insurance

The construction and manufacturing sectors are the most likely to rely on credit to help pay for insurance, new analysis (1) from the UK's leading premium finance company, Premium Credit, shows.

Premium finance allows you to pay for your insurance in monthly instalments but unlike taking out a credit card or bank loan, taking out a premium finance loan does not affect credit ratings on application.

Construction firms accounted for more than 8% of all net advances from Premium Credit last year ahead of the manufacturing sector which made up 7% of advances. This was followed by transport, professional and scientific, and retail and wholesale. The five sectors together accounted for nearly a third (31%) of all net advances from Premium Credit.

Premium Credit's data shows SMEs are increasingly borrowing to pay for insurance – total net advances of premium finance for commercial insurance increased by over 11% in 2020 compared with the previous year even though the number of policies only rose marginally.

That is supported by research (2) among SMEs and corporates showing they are borrowing more to fund business insurance with (vous en avez lu 28%, il reste à lire 72%, de cet article.)

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