Trade Credit Insurance in Europe is a report about the market for trade credit cover in ten countries: Austria; Belgium; France; Germany; Italy; the Netherlands; Poland; Spain; Switzerland; and the UK. In addition to documenting the development of the market value in each country from 2010 to 2014, the report also divides it for 2015 according to six key segmentations:
between small customers with an annual turnover of less than EUR 5 million and larger insured entities with a turnover above this threshold;
between single-risk and annual policies;
between export and domestic trade credit insurance;
for export trade credit insurance alone, between protection acquired for political risks and cover bought for business risks;
between business underwritten by domestic insurers and that dealt with by underwriters based outside of the country in question and with no branch in it;
and between business intermediated by brokers and that underwritten directly.
gross written premiums for trade credit insurance across these ten countries increased from around EUR 3.90 billion in 2010 to around EUR 3.97 billion in 2014 representing a compound annual growth rate of 0.5% in nominal terms;
nevertheless, while the market value might appear to be stagnant at an overall level, this masks some important dynamics that appear to be occurring within it;
for example, across the ten countries combined, it is estimated that the value of the market for single risk policies may have expanded by more than 70% between 2013 and 2015;
furthermore, premiums for export trade credit insurance are likely to have moved up by more than 20% over the same period of time with the value attributable to cover for political risks rising by almost 40%;
in addition, there is evidence to suggest that the market shares of the leading trio – namely, Atradius, Coface and Euler Hermes – are being gently eroded which is likely to be partly a consequence of growing demand for alternative products such as single risk and political risk policies.
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Finaccord is a market research, publishing and consulting company specialising in insurance and other financial services. Finaccord is part of Aon Global Operations SE Singapore Branch.