Trade Credit Insurance in Europe

  • March 2013
  • -
  • Finaccord
  • -
  • 231 pages

Trade Credit Insurance in Europe is a report about the market for trade credit cover in Austria, Belgium, France, Germany, Italy, the Netherlands, Poland, Spain, Switzerland and the UK. Valued at just under EUR 4 billion in gross written premiums in 2012, this market began growing again in most countries following the macro-economic shocks of 2009 and 2010 which caused cover to be withdrawn from areas perceived to carry excessive risk.

In addition to documenting the development of the market value from 2008 to 2012, the report also divides it for the most recent year between four key segments: between small companies with an annual turnover of less than EUR 5 million and larger companies with a turnover above this threshold; between single-risk and annual policies; between export and domestic trade credit insurance; and between protection acquired for political risks and cover bought for business risks.

These unique market splits are based in part on a survey of 240 leading brokers of trade credit insurance across the ten countries. In each country, this same survey also identifies the underwriters of this type of cover used by brokers on a regular basis, gives an input into Finaccord's estimates for the market shares of underwriters and brokers of trade credit insurance, provides a basis for commentary surrounding distribution channels used for this type of policy, and informs Finaccord's forecasts for the market value through to 2016.

Key features of this report include:

- quantification of the market size for trade credit insurance in each of the ten countries: how much is each market worth, where is the fastest growth occurring and how do they break down into key segments?

- presentation of the actual or estimated market shares of both brokers and underwriters of trade credit insurance in 2012 based on both the survey of 240 brokers and other available data sources;

- audit of the frequency of usage of underwriters by major brokers of trade credit insurance in each country: to what extent are competitors effectively challenging the dominant trio of Atradius, Coface and Euler Hermes?

- availability of an accompanying PartnerBASE dataset that logs partnerships for trade credit insurance identified by Finaccord across a combined total of 230 leading banks and 220 major trade associations;

- forecasts for the market for trade credit insurance in each country and how it will split between domestic and export trade credit cover: what is this sector likely to look like in 2016?

Table Of Contents

Table of Contents 
 
0.0 EXECUTIVE SUMMARY
The markets of most countries experienced significant nominal growth in 2011 and 2012...
... although that of Spain has continued to contract
Germany and France host the largest markets for trade credit insurance in Europe...
...although relative to GDP the Austrian and Spanish markets are the most developed
Three international groups dominate the market for trade credit insurance...
... but there are plenty of challengers seeking to erode their position
The market for export trade credit insurance is forecast to outpace that for domestic trade credit cover
The total market is predicted to expand at a compound annual rate of 1.8% in nominal terms up to 2016
 
1.0 INTRODUCTION
What is this report about?
Rationale
Several factors underpin the rationale for the production of this study...
...including that over 30 underwriters are challenging the dominance of the big three...
... and that there are several distribution channel options in addition to brokers
Globally, trade credit insurers cover nearly EUR 2 trillion of commercial credit exposures
The report provides a standardised analysis of important metrics across ten countries
Methodology
Research program
Market data analysis
Definitions
Trade credit insurance
Single-risk and annual policies
Export and domestic policies
Political and business risks
Premiums
Abbreviations
Currency rates
PartnerBASE
Finaccord
 
2.0 EUROPEAN OVERVIEW
Introduction
Market size and growth
Value of premiums
The value of premiums reached almost EUR 4 billion across the ten European markets in 2012
Nine of the ten countries saw premiums grow in nominal terms between 2008 and 2012
Premiums as a percentage of GDP
Austria and Spain have the most developed markets for trade credit insurance relative to GDP
The market for factoring is outpacing that for trade credit insurance in eight out of ten countries
There is often a clear relationship between the relative market values of trade credit insurance and factoring
Market segmentation
Segmentation by size of customer
As an average across all ten countries, smaller customers account for just over a quarter of the market
Segmentation between single-risk and annual policies
Single-risk trade credit insurance policies are most significant in Switzerland
Segmentation between export and domestic trade credit insurance
The relative importance of export trade credit insurance is greatest in Belgium...
...and is quite strongly related to the dependency on exports of the underlying economy
Segmentation between cover for political risks and business risks
Acquiring cover for political risks is of most importance to clients in Germany and the UK
Underwriter market shares
Atradius, Coface and Euler Hermes together hold more than 70% of the market in eight of the ten nations...
... and a combined share of 82.3% across the ten countries
A total of 37 different underwriters work on a regular basis with brokers in at least one country...
...among which Delcredere and Zurich are used most commonly behind the big three groups
Together with TCRe, these two providers have established themselves in most of the markets covered
Several underwriters ranked in the top 20 are limited to operations in one country only
Distribution channels
Brokers constitute the main distribution channel in most markets although there are several alternatives
Over a quarter of major banks serving business customers are also distributors of trade credit insurance...
...with a similar rate of involvement visible among leading trade associations...
...among which those in the Netherlands are most likely to run an affinity scheme for this product
Future outlook
Across the ten countries combined, the market value is expected to make steady progress up to 2016
...with the strongest growth occurring in Belgium, Poland and Switzerland
Domestic trade credit insurance in three countries will be worth over EUR 500 million in 2016...
... although premiums for export trade credit insurance are generally forecast to grow more quickly
 
3.0 AUSTRIA
Introduction
Market size, growth and segmentation
In relative terms, Austria appears to have a highly developed market for trade credit insurance...
...driven by a comparatively high proportion of business transactions made on credit
Small companies constitute an important customer base for several brokers
Most brokers in Austria intermediate single-risk policies as well as annual cover
Export trade credit insurance is a comparatively important market segment in Austria...
... partly as a consequence of the fact that exports account for more than 40% of Austrian GDP
Cover for political risks plays a more moderate role in the Austrian market for trade credit insurance
Factoring as a complementary / substitute product
Austria lags behind most other European countries in the development of its factoring market
Underwriter market shares
Some brokers intermediate trade credit insurance underwritten by insurers based outside of Austria
Having entered the market in 2012, R+V is seeking to challenge the incumbent underwriters
Nearly all Austrian brokers of trade credit insurance maintain a relationship with Coface
Distribution channels
Brokers face significant competition from other distribution channels in Austria...
... including banks, among which a fairly high proportion sell trade credit insurance
However, trade associations are not yet involved in this field
Future outlook
The value of the trade credit insurance market will advance slightly in nominal terms up to 2016
 
4.0 BELGIUM
Introduction
Market size, growth and segmentation
The market for trade credit insurance recorded particularly strong growth in 2010
Slightly less than a half of all business-to-business transactions are made on credit
Small companies account for a lower proportion of premiums paid than in other European countries
Most brokers offer single-risk policies in Belgium and for at least two it is an especially important activity
As a proportion of the total market, export trade credit insurance is especially important in Belgium...
... which is partly a consequence of the high ratio of exports to GDP
For two brokers, more than 20% of export trade credit revenues are due to cover for political risks
Factoring as a complementary / substitute product
The value of Belgium's factoring market almost doubled between 2007 and 2011
Underwriter market shares
By some distance, Euler Hermes and Atradius are the largest underwriters in the Belgian market...
...although a fairly long tail of smaller insurers have established relationships with brokers
Distribution channels
Brokers are the main distribution channel for trade credit insurance in Belgium...
...with Crion, Trade Insure and Van Breda laying claim to the highest market shares
Two major Belgian banks act as distributors of trade credit insurance
Several trade associations are active in the intermediation of trade credit insurance in Belgium
Future outlook
The trade credit insurance market has quite significant potential to grow further up to 2016
 
5.0 FRANCE
Introduction
Market size, growth and segmentation
France hosts the second largest market for trade credit insurance in Europe...
... with a significant improvement in profitability having been achieved since 2009
The proportion of premiums paid by smaller companies is slightly higher than the European average
Single-risk policies are much less widespread in France than in most other European markets
Nearly all brokers of trade credit insurance offer both domestic and export policies
Exports account for less than a quarter of French GDP
The vast majority of brokers offer cover for political risks as well as business risks
Coface will manage public export credit guarantees until at least 2015
Factoring as a complementary / substitute product
France has a relatively well-developed market for factoring
Underwriter market shares
AXA Assurcredit and Groupama Assurance-Credit are the main challengers to the big three groups...
...having established on-going relationships with the majority of brokers of trade credit insurance...
...in a market in which there are at least 15 active underwriters
Distribution channels
Delta Assurances, Diot, Gras Savoye, Jean Busnot and Marsh are important broking rivals to Aon...
...as all five firms maintain substantial teams focused on trade credit insurance
Several of France’s largest banks act as distributors of trade credit insurance...
... as do a handful of major trade associations
Future outlook
The market for trade credit insurance in France may have difficulty in finding new momentum
 
6.0 GERMANY
Introduction
Market size, growth and segmentation
Although its ratio to national GDP is not especially high, Germany's market is the largest in Europe...
... with claims ratios having improved in recent years
Most brokers serve clients with less than EUR 5 million in annual turnover as well as larger customers
Single-risk policies are believed to have grown in importance in Germany in recent years
Export trade credit insurance accounts for a substantial proportion of the total market...
... driven by the fact that exports account for more than 40% of German GDP
The value of cover for political risks is comfortably ahead of the average for Europe as a whole
Factoring as a complementary / substitute product
Germany's market for factoring appears to be growing rapidly
Underwriter market shares
Smaller underwriters have made some progress in Germany in recent years...
... including Delcredere, QBE, R+V, TCRe and Zurich
Behind the five leading underwriters, brokers work most frequently with Delcredere and TCRe
Distribution channels
The agents of Signal Iduna act as distributors of trade credit policies underwritten by R+V...
...in a market in which there are many brokers with a significant presence in this arena...
...among which Aon is the market leader
Several of Germany’s largest banks act as distributors of trade credit insurance
Several important trade associations offer trade credit insurance to their members...
... with at least four underwriters engaged in this activity
Future outlook
The value of the German trade credit insurance market is likely to approach EUR 1 billion by 2016
 
7.0 ITALY
Introduction
Market size, growth and segmentation
The market for trade credit insurance in Italy is worth more than EUR 400 million...
...and has experienced substantial fluctuations in underwriting profitability in recent years
Small companies account for a relatively high proportion of the market for trade credit insurance
A comparatively high number of brokers do not promote single-risk policies
A few brokers are focused purely on domestic trade credit insurance
Exports account for a relatively moderate share of Italian GDP
The provision of cover for political risks is not especially common in Italy
Factoring as a complementary / substitute product
Italy's factoring market has surged in value in recent years
Underwriter market shares
Given its total size, Italy's market is characterised by a high degree of concentration...
... with the vast majority of business placed with just five underwriters
Distribution channels
As in several other countries, Aon is likely to be the largest broker for trade credit insurance in Italy
A relatively high proportion of banks in Italy offer trade credit insurance to business customers
Trade associations in Italy provide trade credit insurance at both national and local levels
Future outlook
Brokers are comparatively sanguine with regards to the future prospects for trade credit insurance
 
8.0 NETHERLANDS
Introduction
Market size, growth and segmentation
Relative to GDP, trade credit insurance in the Netherlands is not especially well-developed...
... with a higher proportion of the market due to larger companies than the European average
A relatively high proportion of Dutch brokers do not market single-risk policies at all
For several brokers, export trade credit insurance makes up more than a half of their total business...
... which is partly a result of the relative importance of exports to the Dutch economy
The provision of cover for political risks is also an important component for a handful of brokers
Atradius runs the public export credit guarantee on behalf of the Dutch government
The value of the factoring market may have exceeded EUR 50 billion in 2012
Underwriter market shares
Reflecting its background, Atradius is a very clear market leader in trade credit insurance...
...although most brokers also maintain on-going relationships with Coface and Euler Hermes
Distribution channels
The lion's share of trade credit insurance business is intermediated by brokers...
...with Aon and Finance and Insurance accounting for a large share of the market
Rabobank offers trade credit insurance underwritten by Interpolis
Trade associations in the Netherlands display a keen appetite for promoting trade credit insurance...
... with underwriting invariably carried out by one of the big three competitors
Future outlook
The value of export trade credit insurance within the total market is forecast to remain stable
 
9.0 POLAND
Introduction
Market size, growth and segmentation
The value of the Polish market for trade credit insurance is likely to have hit a record high in 2012...
...with the claims ratio having peaked in 2010 before falling back subsequently
Small companies with a turnover below EUR 5 million account for a significant tranche of the market
The importance of single-risk policies varies from one broker to another
Over 70% of the total market is due to domestic trade credit policies...
...in spite of the fact that exports account for more than 40% of GDP in Poland
The vast majority of brokers active in export trade credit insurance also deal with political risk cover
KUKE was established in 1991 to provide public export credit guarantees...
... and is also active in the open market for short-term trade credit risks
Factoring as a complementary / substitute product
The factoring sector has expanded rapidly in recent years
Underwriter market shares
KUKE is the main challenger to the leading three international groups
...with at least four other underwriters also used from time to time by brokers
Distribution channels
Agents and direct sales provide significant competition to brokers...
... although affinity programs run through banks and trade associations are few and far between
Future outlook
A forecast nominal compound annual growth rate of 5.4% translates to 2.6% in real terms
 
10.0 SPAIN
Introduction
Market size, growth and segmentation
Although it has declined sharply in recent years, Spain's market for trade credit insurance remains large...
...although high claims ratios are causing underwriters to be more selective than they have in the past
A very high proportion of the Spanish market is due to smaller firms with a turnover below EUR 5 million...
... although comparatively little can be attributed to single-risk policies
Most brokers promote both domestic and export trade credit insurance policies
Having risen from a trough in 2009, exports account for over 20% of Spanish GDP
A relatively high proportion of brokers have a significant focus on providing cover for political risks
The Spanish government has announced that it will sell its majority stake in CESCE
Factoring as a complementary / substitute product
Compared to Spanish GDP, the country's factoring market is quite well-developed
Underwriter market shares
The launch of Solunion may be expected to provide fresh competition to the incumbent underwriters...
...with this company already used regularly by the vast majority of brokers by early 2013
In total, there are at least ten different underwriters active in this market
Distribution channels
In terms of the volume of policies intermediated, agents have a higher distribution share than brokers
Several brokers in addition to Aon, Marsh and Willis maintain dedicated trade credit insurance teams
CESCE is used to underwrite trade credit insurance policies sold by five Spanish banks
A handful of trade associations are active in the intermediation of trade credit insurance in Spain...
... with Filhet Allard, Insurcredit and Peris each holding relationships in this arena
Future outlook
In nominal terms, the decline in Spain's trade credit insurance market is expected to bottom out
 
11.0 SWITZERLAND
Introduction
Market size, growth and segmentation
The trade credit insurance market has experienced significant premium growth in Switzerland...
...with the claims ratio having dropped hugely from the peak experienced in 2009
The percentage of the market due to small companies is almost identical to the European average
Single-risk policies are somewhat more important in Switzerland than in other European countries
Export trade credit cover makes up over a half of the total Swiss market for trade credit insurance...
... in spite of the fact that the country's ratio of exports to GDP is not especially high
Most Swiss brokers of trade credit insurance handle cover for political risks
Factoring as a complementary / substitute product
Switzerland's factoring market is relatively small and its value has declined in recent years
Underwriter market shares
A diverse range of underwriters compete in the Swiss trade credit insurance market...
... with insurers at Lloyd's of London playing a more visible role than in other countries...
... and with AXA likely to have assumed a market-leading position
No underwriter is used on a regular basis by more than two thirds of brokers active in this field
Distribution channels
Brokers control about 50% of the market with most of the rest due to agents and direct sales
Among major Swiss banks, only UBS acts as a distributor of trade credit insurance...
...and only one trade association has established a scheme for this type of cover
Future outlook
There is scope for the market for trade credit insurance market to grow further up to 2016
 
12.0 UK
Introduction
Market size, growth and segmentation
The UK's trade credit insurance market has undergone a period of stagnation in recent years
For several brokers, smaller customers constitute an important part of their client base
The share of single-risk policies within the total market is slightly below the average for Europe as a whole...
... with a similar comment applying in the case of export trade credit insurance
Exports from the UK to other EU countries exceed EUR 300 billion
Cover for political risks plays a relatively important role in the UK market
As the provider of public export credit guarantees, the ECGD has expanded its cover in recent times
Factoring as a complementary / substitute product
The UK plays host to the largest factoring market in Europe
Underwriter market shares
ACE, AIG, CIFS, HCC International, Markel and QBE are among the main challengers to the big three...
...within a market that is fragmented by the standards of other European countries
The leading three underwriters are used frequently by more than two thirds of brokers
Equinox Global was launched as a specialised managing general agent in November 2010
Distribution channels
Brokers are the dominant distribution channel for trade credit insurance in the UK...
... and several operate large dedicated teams including Aon, Marsh, RK Harrison and Reynolds
Banks do not play a particularly significant role in the intermediation of trade credit insurance in the UK...
... although a comparatively high number of trade associations are involved in this sphere
Future outlook
In real terms, the value of the UK's market is unlikely to make much progress by 2016
12.0 APPENDIX
Brokers participating in the survey
Austria
Belgium
France
Germany
Italy
Netherlands
Poland
Spain
Switzerland
UK
 
LIST OF GRAPHICS / TABLES
0.0 EXECUTIVE SUMMARY
All markets shrank in one or both of 2009 and 2010 but with the exception of Spain they have mounted a recovery since then
The three largest country markets account for nearly 60% of total premium income
Spain has the most developed market for trade credit insurance relative to its GDP
The top three international underwriters account for 70% or more of the market in eight out of ten countries
The markets for trade credit insurance in Poland and Belgium are likely to experience the highest growth up to 2016
1.0 INTRODUCTION
Number of brokers of trade credit insurance covered by the survey, segmented by country, 2013
Number of banks and trade associations covered by the research, segmented by country, 2013
2.0 EUROPEAN OVERVIEW
Estimated gross written premiums for trade credit insurance, segmented by country, 2012
Compound annual growth in gross written premiums for trade credit insurance, segmented by country, 2008 to 2012
Relative size of estimated gross written premiums for trade credit insurance, segmented by country, 2012
Estimated gross written premiums for trade credit insurance in Europe, segmented by country, 2008 to 2012 (table)
Ratio of estimated gross written premiums for trade credit insurance to GDP, segmented by country, 2012
Total factoring market value, segmented by country, 2007 to 2011
Correlation between the ratio of estimated gross written premiums for trade credit insurance to GDP and the ratio of the factoring market value to GDP, segmented by country, 2011
Premiums paid by small companies with an annual turnover of less than EUR 5 million as a proportion of the total market for trade credit insurance, segmented by country, 2013 (table)
Premiums paid by small companies with an annual turnover of less than EUR 5 million as a proportion of the total market for trade credit insurance, segmented by country, 2013
Premiums paid for single-risk policies as a proportion of the total market for trade credit insurance, segmented by country, 2013 (table)
Premiums paid for single-risk policies as a proportion of the total market for trade credit insurance, segmented by country, 2013
Premiums paid for export trade credit insurance as a proportion of the total market for trade credit insurance, segmented by country, 2013 (table)
Premiums paid for export trade credit insurance as a proportion of the total market for trade credit insurance, segmented by country, 2013
Correlation between the ratio of export trade credit insurance to the total market and the ratio of exports to GDP, segmented by country, 2011 and 2013
Premiums paid for political risk cover as a proportion of the total market for export trade credit insurance, segmented by country, 2013 (table)
Premiums paid for political risk cover as a proportion of the total market for export trade credit insurance, segmented by country, 2013
Estimated market shares of gross written premiums of the three leading international trade credit insurance underwriters, segmented by country, 2012
Estimated market shares of gross written premiums of the three leading international trade credit insurance underwriters, segmented by country, 2012 (table)
Frequency of usage of specific trade credit insurance underwriters by brokers across all ten countries, 2013
Frequency of usage of top 20 trade credit insurance underwriters by brokers, segmented by country, 2013
Relative importance of brokers, agents / direct sales and banks / factoring companies as distribution channels for trade credit insurance, segmented by country, 2013
Provision rates for trade credit insurance offered by banks, segmented by country, 2013
Provision rates for trade credit insurance offered by trade associations, segmented by country, 2013
Forecast compound annual growth in gross written premiums for total trade credit insurance, segmented by country, 2012 to 2016
Forecast growth in gross written premiums for total trade credit insurance, segmented by country, 2016 (table)
Forecast gross written premiums for domestic trade credit insurance, segmented by country, 2016
Forecast gross written premiums for domestic trade credit insurance, segmented by country, 2016 (table)
Forecast gross written premiums for export trade credit insurance, segmented by country, 2016
Forecast gross written premiums for export trade credit insurance, segmented by country, 2016 (table)
3.0 AUSTRIA
Gross written premiums for trade credit insurance in Austria, 2008 to 2012
Premium income paid by small companies with an annual turnover of less than EUR 5 million as a proportion of the total market for trade credit insurance in Austria, 2013
Premium income paid for single-risk policies as a proportion of the total market for trade credit insurance in Austria, 2013
Premium income paid for export trade credit insurance as a proportion of the total market for trade credit insurance in Austria, 2013
Values of exports inside and outside the EU and corresponding percentages of GDP in Austria, 2007 to 2011
Premium income paid for political risk cover as a proportion of the total market for export trade credit insurance in Austria, 2013
Total factoring market value in Austria, 2007 to 2011
Estimated market shares of gross written premiums of trade credit insurance underwriters in Austria, 2012
Frequency of usage of specific trade credit insurance underwriters by brokers in Austria, 2013
Major banks offering trade credit insurance in Austria: operating models and partnerships, 2013
Forecast gross written premiums for trade credit insurance in Austria and the proportion due to export trade credit insurance, 2016
Forecast segmentation of gross written premiums in Austria between domestic and export trade credit insurance, 2016 (table)
4.0 BELGIUM
Gross written premiums for trade credit insurance in Belgium, 2008 to 2012
Premium income paid by small companies with an annual turnover of less than EUR 5 million as a proportion of the total market for trade credit insurance in Belgium, 2013
Premium income paid for single-risk policies as a proportion of the total market for trade credit insurance in Belgium, 2013
Premium income paid for export trade credit insurance as a proportion of the total market for trade credit insurance in Belgium, 2013
Values of exports inside and outside the EU and corresponding percentages of GDP in Belgium, 2007 to 2011
Premium income paid for political risk cover as a proportion of the total market for export trade credit insurance in Belgium, 2013
Total factoring market value in Belgium, 2007 to 2011
Estimated market shares of gross written premiums of trade credit insurance underwriters in Belgium, 2012
Frequency of usage of specific trade credit insurance underwriters by brokers in Belgium, 2013
Major banks offering trade credit insurance in Belgium: operating models and partnerships, 2013
Major trade associations offering trade credit insurance in Belgium: operating models and partnerships, 2013
Forecast gross written premiums for trade credit insurance in Belgium and the proportion due to export trade credit insurance, 2016
Forecast segmentation of gross written premiums in Belgium between domestic and export trade credit insurance, 2016 (table)
5.0 FRANCE
Gross written premiums for trade credit insurance in France, 2008 to 2012
Premium income paid by small companies with an annual turnover of less than EUR 5 million as a proportion of the total market for trade credit insurance in France, 2013
Premium income paid for single-risk policies as a proportion of the total market for trade credit insurance in France, 2013
Premium income paid for export trade credit insurance as a proportion of the total market for trade credit insurance in France, 2013
Values of exports inside and outside the EU and corresponding percentages of GDP in France, 2007 to 2011
Premium income paid for political risk cover as a proportion of the total market for export trade credit insurance in France, 2013
Total factoring market value in France, 2007 to 2011
Estimated market shares of gross written premiums of trade credit insurance underwriters in France, 2012
Frequency of usage of specific trade credit insurance underwriters by brokers in France, 2013
Major banks offering trade credit insurance in France: operating models and partnerships, 2013
Major trade associations offering trade credit insurance in France: operating models and partnerships, 2013
Forecast gross written premiums for trade credit insurance in France and the proportion due to export trade credit insurance, 2016
Forecast segmentation of gross written premiums in France between domestic and export trade credit insurance, 2016 (table)
6.0 GERMANY
Gross written premiums for trade credit insurance in Germany, 2008 to 2012
Premium income paid by small companies with an annual turnover of less than EUR 5 million as a proportion of the total market for trade credit insurance in Germany, 2013
Premium income paid for single-risk policies as a proportion of the total market for trade credit insurance in Germany, 2013
Premium income paid for export trade credit insurance as a proportion of the total market for trade credit insurance in Germany, 2013
Values of exports inside and outside the EU and corresponding percentages of GDP in Germany, 2007 to 2011
Premium income paid for political risk cover as a proportion of the total market for export trade credit insurance in Germany, 2013
Total factoring market value in Germany, 2007 to 2011
Estimated market shares of gross written premiums of trade credit insurance underwriters in Germany, 2012
Frequency of usage of specific trade credit insurance underwriters by brokers in Germany, 2013
Major banks offering trade credit insurance in Germany: operating models and partnerships, 2013
Major trade associations offering trade credit insurance in Germany: operating models and partnerships, 2013
Forecast gross written premiums for trade credit insurance in Germany and the proportion due to export trade credit insurance, 2016
Forecast segmentation of gross written premiums in Germany between domestic and export trade credit insurance, 2016 (table)
7.0 ITALY
Gross written premiums for trade credit insurance in Italy, 2008 to 2012
Premium income paid by small companies with an annual turnover of less than EUR 5 million as a proportion of the total market for trade credit insurance in Italy, 2013
Premium income paid for single-risk policies as a proportion of the total market for trade credit insurance in Italy, 2013
Premium income paid for export trade credit insurance as a proportion of the total market for trade credit insurance in Italy, 2013
Values of exports inside and outside the EU and corresponding percentages of GDP in Italy, 2007 to 2011
Premium income paid for political risk cover as a proportion of the total market for export trade credit insurance in Italy, 2013
Total factoring market value in Italy, 2007 to 2011
Estimated market shares of gross written premiums of trade credit insurance underwriters in Italy, 2012
Frequency of usage of specific trade credit insurance underwriters by brokers in Italy, 2013
Major banks offering trade credit insurance in Italy: operating models and partnerships, 2013
Major trade associations offering trade credit insurance in Italy: operating models and partnerships, 2013
Forecast gross written premiums for trade credit insurance in Italy and the proportion due to export trade cred

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