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Trade Credit Insurance in France

  • October 2015
  • -
  • Finaccord
  • -
  • 27 pages

Trade Credit Insurance in France is a report about the market for trade credit cover in France. 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 France and with no branch in it;

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

Table Of Contents

Trade Credit Insurance in France
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 7
Finaccord 7
20 MARKET ANALYSIS 9
Introduction 9
Economic situation 9
Key regulations 9
Market size, growth and segmentation 10
The French market for trade credit insurance has fallen back somewhat in value in recent years… 10
although its aggregate profitability hit a seven-year high in 2014 10
A growing proportion of the total market value is attributable to larger customers… 11
… with the importance of single-risk policies also having risen sharply 13
Export trade credit insurance now makes up almost 40% of the overall market value… 14
although exports only account for just over 20% of French GDP 15
Insurance bought to cover political risks has apparently been subject to a slight decline 16
Management of state export guarantees is being transferred to Bpifrance 16
The vast majority of business is dealt with by underwriters based in France itself… 17
and with a clear majority intermediated by brokers as opposed to being underwritten directly 18
Factoring as a complementary / substitute product 19
France's market for factoring expanded by almost 50% between 2010 and 2014 19
Underwriter utilisation by brokers and market shares 20
No insurer is used by all brokers surveyed but three are by close to 90% of them 20
The market share of Euler Hermes is likely to lie in a range from 44% to 52% 21
Equinox Global is believed to be making some headway against the market-leading quintet 21
Distribution channels 24
AU (Assurance Universelle) is the leading broker of trade credit cover, probably followed by Aon 24
A few of the largest French banks act as distributors of trade credit insurance… 24
… as do a number of trade associations… 25
… such as the Confederation Generale des Petites et Moyennes Entreprises 25
Future outlook
Modest growth is forecast for the French trade credit insurance market up to 2018 27

LIST OF GRAPHICS / TABLES

00 EXECUTIVE SUMMARY 1
Key market data for trade credit insurance in France 2
10 INTRODUCTION 3
20 MARKET ANALYSIS 9
Gross written premiums for trade credit insurance in France, 2010 to 2014 11
Gross written premiums for trade credit insurance in France, segmented by annual turnover of insured company, 2013 and 2015 12
Gross written premiums for trade credit insurance in France, segmented between annual and single-risk policies, 2013 and 2015 13
Gross written premiums for trade credit insurance in France, segmented by domestic and export cover, 2013 and 2015 14
Value of French exports inside and outside the EU and corresponding percentages of GDP, 2010 to 2014 15
Gross written premiums for export trade credit insurance in France, segmented between business and political risk, 2013 and 2015 16
Gross written premiums for trade credit insurance in France, segmented between domestic and non-domestic underwriters, 2015 17
Gross written premiums for trade credit insurance in France, segmented between business intermediated by brokers and business underwritten directly, 2015 18
Total factoring market value in France, 2010 to 2014 19
Percentage of brokers surveyed making regular use of particular trade credit insurance underwriters in France, 2015 20
Estimated market shares of gross written premiums of trade credit insurance underwriters in France, 2014 22
Estimated market shares of gross written premiums of trade credit insurance underwriters in France, 2014 (table) 23
Major banks promoting trade credit insurance in France: operating models and partnerships, 2015 25
Major trade associations offering trade credit insurance in France: operating models and partnerships, 2015 26
Forecast gross written premiums for trade credit insurance in France, 2018 27

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