The credit insurance broker said the presence of insurers provides fledgling and recovering industries with a safety net, as well as providing an independent third party to support internal credit management practices so that domestic and international trade could quickly resume.

James Bowker, account director and leader for the paper sector at Aon, said: "Credit insurance remains as relevant to the paper sector and industry at large to this day, and many well known international and domestic businesses attest to its benefit on their bottom lines."

However, EBB's managing director Tim Elliott has blamed some of the problems print now faces on the presence of credit insurance in the market.

He said the availability of credit insurance fuels irresponsible lending, and that dramatic "swings of cover" from credit insurers often mean the premature demise of a company.

Bowker said merchants that do insure are adopting a prudent credit management tool which can enhance its own procedures.

"Most are well run, professional businesses that recognise the value that a credit insurer can bring.

"The financiers to the merchant, such as banks, recognise the value of having a trade credit insurance policy in place by often offering preferred lending rates."

Bowker said Aon does not believe insurers will withdraw from the paper sector, and it would be "irresponsible" to suggest otherwise.