Welcome to the first NCI Minute for 2022. It’s been a mixed start to the year with most of our teams working in a hybrid environment. By now, most have returned to the office and we’re looking forward to being able to catch-up with clients and partners more regularly this year.
You may have noticed that we made some updates to our website in January. The site has been completely refreshed and revitalised. NCILink is still easy to access and we welcome your feedback.
Claims have continued to remain low as reflected in our recent Trade Credit Risk Index. One thing to mention, though, is that in December and January the average claim value was $266,000 and $231,000 respectively, this was up from an overall average of just $84,000 in 2021. This tells us there are some large exposures out there at the moment; with these larger losses occurring in the Labour Hire and Building industries.
There is a great deal of uncertainty about what lies ahead in 2022. There are economic impacts that businesses across all sectors will face as we emerge from the pandemic. One thing is certain, NCI is here to assist you to manage and protect your credit risk.