Credit insurance claims are increasing across almost all industries, according to Australia and NZ’s largest credit insurance broker and risk manager.

National Credit Insurance (NCI) has noticed a considerable increase in the level of interest in credit insurance, risk assessment and collection products.

Claims increased 70% in July and a further 70% in August compared with the same months last year.

NCI National Marketing Manager Terry Duffy told insuranceNEWS.com.au economies are slowing around the world and it is no surprise this is having an effect on credit.

“We had more claims in August than in any single month in the 20 years we have been running,” he said.

“The slowing-down is affecting our debt collections department. Our risk management service is also more active, and we are managing more people in default.”

The issue has emerged globally, with credit risk insurer Coface last week saying non-payments in China are increasing.

Mr Duffy says business owners who are trading on credit without security or credit insurance are “skating on thin ice”.