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The world’s biggest credit insurer has warned that insolvencies are likely to rise across the western world as the credit crunch bites and the housing boom ends.

It noted that although recent levels of insolvency across the world have been low, a combination of economic factors makes it extremely likely they will rise over the remainder of the year, Reuters reports.

Nicolas Delzant, member of the board at Euler Hermes, told the press: "The scene ahead is not catastrophic but we have to be very cautious because we have a change in the world economy that can have an effect on many countries."

For both companies and individuals in Britain, the credit crunch has caused finances to become tighter.

Some people have been relying on credit to refinance their existing borrowing and now that banks have begun to tighten their lending criteria, they may be experiencing problems.

Accountancy giant KPMG has predicted that the UK will see a rise in insolvency numbers over the rest of 2008.

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