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Trade Credit Insurance in Austria

  • December 2015
  • -
  • Finaccord
  • -
  • 24 pages

Trade Credit Insurance in Austria is a report about the market for trade credit cover in Austria. In addition to documenting the development of the market value 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 Austria and with no branch in it;

- and between business intermediated by brokers and that underwritten directly.

These unique market splits are based in part on a survey of leading brokers and underwriters of trade credit insurance in Austria. This same survey also quantifies the degree to which underwriters of this type of cover are utilised by brokers on a regular basis, gives an input into Finaccord's estimates for the market shares of underwriters which are expressed as a likely percentage range (e.g. 5.0% to 7.5%), highlights the most important brokers of trade credit insurance in Austria, provides a basis for commentary surrounding distribution channels used for this type of policy, and informs Finaccord's forecasts for the Austrian market value through to 2018.

Key features of this report include:

- quantification of the market size for trade credit insurance in Austria: how much is the market worth, how has it developed since 2010 and how does it break down into key segments?

- presentation of the estimated market shares of underwriters of trade credit insurance in 2014 based on both the broker survey and other available data sources;

- audit of the frequency of usage of underwriters by major brokers of trade credit insurance in Austria: to what extent are new entrants or smaller competitors effectively challenging the main incumbent underwriters?

- availability of an accompanying PartnerBASE™ dataset that logs partnerships for trade credit insurance identified by Finaccord across a combined total of more than 40 leading banks and major trade associations;

- forecasts for the likely value of the market for trade credit insurance in Austria in 2018.

Table Of Contents

Trade Credit Insurance in Austria
TABLE OF CONTENTS
00 EXECUTIVE SUMMARY 1
10 INTRODUCTION 3
What is this report about? 3
Rationale 3
Several factors underpin the rationale for the production of this study 3
There are several distribution channel options in addition to brokers 3
Globally, trade credit insurers cover over EUR 22 trillion of commercial credit exposures 3
The report provides a standardised analysis of important metrics for trade credit insurance 4
Methodology 4
Research program 4
Market data analysis 4
Definitions 5
Trade credit insurance 5
Single-risk and annual policies 5
Export and domestic policies 5
Political and business risks 6
Premiums 6
Abbreviations 6
PartnerBASE 6
Finaccord 7
20 MARKET ANALYSIS 9
Introduction 9
Economic situation 9
Market size, growth and segmentation 10
The value of Austria's trade credit insurance market has fluctuated in recent years… 10
… with more of it attributable to smaller customers in 2015 than in 2013… 11
… and with acquisition of single-risk cover having risen quite significantly in popularity 12
Export trade credit insurance accounts for a large proportion of the total market 13
driven by the fact that exports account for more than 40% of Austrian GDP 14
The value of political risk cover acquired by Austrian customers has also been growing 15
While the vast majority of business is dealt with by underwriters based in Austria itself 16
and a narrow majority of it is intermediated by brokers 17
Factoring as a complementary / substitute product 18
The small factoring market doubled in value between 2010 and 2014 18
Underwriter utilisation by brokers and market shares 19
Austrian brokers tend to utilise a very limited range of underwriters for trade credit insurance… 19
with Acredia clearly the market leader by a comfortable margin 20
Distribution channels 22
Among brokers, 3 Banken Versicherungsmakler and Aon are probable market leaders 22
A number of banks intermediate trade credit cover but trade associations are not involved 22
Future outlook 24
Trade credit insurance premiums in Austria are likely to record a moderate rise up to 2018 24

LIST OF GRAPHICS / TABLES

00 EXECUTIVE SUMMARY 1
Key market data for trade credit insurance in Austria 2
10 INTRODUCTION 3
20 MARKET ANALYSIS 9
Gross written premiums for trade credit insurance in Austria, 2010 to 2014 10
Gross written premiums for trade credit insurance in Austria, segmented by annual turnover of insured company, 2013 and 2015 11
Gross written premiums for trade credit insurance in Austria segmented between annual and single-risk policies, 2013 and 2015 12
Gross written premiums for trade credit insurance in Austria, segmented by domestic and export cover, 2013 and 2015 13
Value of Austrian exports inside and outside the EU and corresponding percentages of GDP, 2010 to 2014 14
Gross written premiums for export trade credit insurance in Austria, segmented between business and political risk, 2013 and 2015 15
Gross written premiums for trade credit insurance in Austria, segmented between domestic and non-domestic underwriters, 2015 16
Gross written premiums for trade credit insurance in Austria, segmented between business intermediated by brokers and business underwritten directly, 2015 17
Total factoring market value in Austria, 2010 to 2014 18
Percentage of brokers surveyed making regular use of particular trade credit insurance underwriters in Austria, 2015 19
Estimated market shares of gross written premiums of trade credit insurance underwriters in Austria, 2014 20
Estimated market shares of gross written premiums of trade credit insurance underwriters in Austria, 2014 21
Major banks promoting trade credit insurance in Austria: operating models and partnerships, 2015 23
Forecast gross written premiums for trade credit insurance in Austria, 2018 24

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