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Trade Credit Insurance in Belgium

  • November 2015
  • -
  • Finaccord
  • -
  • 26 pages

Trade Credit Insurance in Belgium is a report about the market for trade credit cover in Belgium. 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 Belgium 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 Belgium. 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 Belgium, provides a basis for commentary surrounding distribution channels used for this type of policy, and informs Finaccord's forecasts for the Belgian market value through to 2018.

Key features of this report include:

- quantification of the market size for trade credit insurance in Belgium: 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 Belgium: 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 30 leading banks and major trade associations;

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

Table Of Contents

Trade Credit Insurance in Belgium

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
Key regulations 9
Market size, growth and segmentation 10
Progress in Belgium's trade credit insurance market has been uneven in recent years… 10
… with the loss ratio having increased quite appreciably 10
A significant proportion of the market is due to smaller clients with annual turnover below EUR 5 million 12
Single-risk policies have grown slightly in importance in Belgium in recent years 13
Export trade credit insurance accounts for a very substantial proportion of the total market 14
which is logical given the importance of exports to Belgium's economy 15
Cover bought for political risks accounts for an increasing proportion of the total market 16
Underwriters based outside of Belgium account for a fairly significant proportion of the market… 17
as does directly-underwritten (as opposed to broker-intermediated) business 18
Factoring as a complementary / substitute product 19
The value of Belgium's factoring market has advanced at a consistent rate in recent years 19
Underwriter utilisation by brokers and market shares 20
Four underwriters are used regularly by all or the vast majority of brokers of trade credit insurance… 20
albeit competitors outside of the leading quartet account for between 12% and 18% of the total market 21
Distribution channels 23
… with significant merger and acquisition activity having occurred in recent times 23
Several of Belgium's largest banks act as distributors of trade credit insurance… 24
… as do a number of trade associations 25
Future outlook 26
The value of the Belgian trade credit insurance market is likely to contract in both nominal and real terms 26

LIST OF GRAPHICS / TABLES
00 EXECUTIVE SUMMARY 1
Key market data for trade credit insurance in Belgium 2
10 INTRODUCTION 3
20 MARKET ANALYSIS 9
Gross written premiums for trade credit insurance in Belgium, 2010 to 2014 11
Gross written premiums for trade credit insurance in Belgium, segmented by annual turnover of insured company, 2013 and 2015 12
Gross written premiums for trade credit insurance in Belgium, segmented between annual and single-risk policies, 2013 and 2015 13
Gross written premiums for trade credit insurance in Belgium, segmented by domestic and export cover, 2013 and 2015 14
Value of Belgian exports inside and outside the EU and corresponding percentages of GDP, 2010 to 2014 15
Gross written premiums for export trade credit insurance in Belgium, segmented between business and political risk, 2013 and 2015 16
Gross written premiums for trade credit insurance in Belgium, segmented between domestic and non-domestic underwriters, 2015 17
Gross written premiums for trade credit insurance in Belgium, segmented between business intermediated by brokers and business underwritten directly, 2015 18
Total factoring market value in Belgium, 2010 to 2014 19
Percentage of brokers surveyed making regular use of particular trade credit insurance underwriters in Belgium 2015 20
Estimated market shares of gross written premiums of trade credit insurance underwriters in Belgium, 2015 21
Estimated market shares of gross written premiums of trade credit insurance underwriters in Belgium, 2015 (table) 22
Major banks promoting trade credit insurance in Belgium: operating models and partnerships, 2015 24
Major trade associations offering trade credit insurance in Belgium: operating models and partnerships, 2015 25
Forecast gross written premiums for trade credit insurance in Belgium, 2018 26

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