The insurance industry is performing poorly when it comes to the timely payment of invoices, statistics suggest.
A monthly barometer of pan-industry behaviour shows that payment delays tied to the coronavirus crisis are particularly prevalent in the finance, insurance and real estate sectors, with more than three quarters (76%) of invoices over 10 days overdue.
The information, communication and technology industry seems to be performing better with 60% of payments coming in past 10 days, while timely payment rates in the leisure and hospitality industry stand at 55%.
Researchers in charge of the barometer, operated by industry analyst Sidetrade, stressed that the finance, insurance, real estate, as well as ICT, are areas where late payment rates were already high prior to the pandemic.
Sectors least impacted in terms of late payments include the food industry (19% invoices over 10 days overdue), retail (22%) and manufacturing (23%).
Overall, the unpaid rate remains extremely high, representing a threat for many businesses. Late payment deterioration in the UK have risen by 26%.
Sidetrack monitors six countries to see how their payment flows are progressing. The UK has the highest rate of unpaid invoices (39% unpaid), whereas the Netherlands can boast the lowest figure (18% unpaid), not far from their pre-pandemic rate of 15%.
The Sidetrade tracker shows the payment behaviour, week by week, of over 3.7 million businesses in six European countries: Belgium, France, Italy, Spain, The Netherlands and the UK.
Since the beginning of the year, Sidetrade has analysed over 26 million invoices representing €54bn in B2B transactions.
The tracker is freely accessible to all private sector decision-makers and public authorities.