Businesses are facing mounting challenges in a tough economic environment with persistent inflation, skills shortages, and rising wage costs squeezing profit margins. We’ve seen record insolvencies across key sectors with business insolvency filings in Canada reaching their highest third-quarter volume in 15 years. The uninsured customers of the 1,312 companies that are at risk of collapse will face significant financial challenges as the domino effect takes place.
Canada is not alone. Other countries are facing similar challenges. For a down under perspective on the case for trade credit insurance take in the view from Australia.