INGO Insurance Company notes an increase in demand for trade credit insurance. Over the past six months alone, the number of requests has doubled and continues to grow.

Sergiy Sydorchuk, Head of Special Risks Insurance, said that INGO has already formed a portfolio of contracts worth UAH 1.5 billion of credit limits.

According to him, the greatest demand is for insurance for domestic deliveries, but recently there has been an increase in requests for export insurance.

Insurance can also protect importers in the event of non-receipt of goods from foreign suppliers when paying for the delivery in advance (in this case, the risk of non-refund of the advance payment in case of non-delivery of goods is subject to insurance).

The cost of the service is 0.5%-2% of the insured trade turnover and depends on the financial condition of the debtors, the sector of activity and other insurance conditions.

In the event of a debtor's failure to pay, the insurer indemnifies up to 90% of the amount of loss (the insured's own risk retention). At the same time, the company retains the rights to the debt.