The number of insurers going bust fell by 86.1% last month, the latest figures from data services provider Experian reveal.
Meanwhile, on a month-to-month basis, five firms went out of business in July 2012 compared to six in June.
A total of 0.04% of companies in the insurance industry failed in July compared to 0.32% for the same period in 2011.
Overall, the Business Insolvency Index, revealed a fall in the rate of insolvencies among UK firms. During July, 1,776 companies (0.09% of the business population) failed, compared to 1,962 companies (0.10%) in July 2011.
Improvements were across the board, but the biggest improvements came from the UK’s largest firms, more 501 employees – from 0.15% last July to 0.08 per cent this year – and also smaller firms with 11 to 25 employees – from 0.26% last July to 0.19% this year.
The best performing regions were the South East, which posted a 19.4% drop in insolvencies last month compared to July 2011, and Scotland which reported a 25.3% fall.
But the East of England had the biggest rise with an 8.6% increase in insolvencies last month compared to July 2011.
Experian Business Information Services UK and Ireland managing director Max Firth said:“Since March this year, when the insolvency rate peaked at 0.1%, it has remained fairly stable – between 0.08% and 0.09%. The lack of any real increase is clearly welcome and this picture is unlikely to change in the near future.
“The figures continue to underline the importance of good insight into the financial risks associated with insolvencies among both clients and suppliers and how these issues can affect their business.”
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