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Trade Credit Insurance in Germany

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

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

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

Table Of Contents

Trade Credit Insurance in Germany
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 10
Market size, growth and segmentation 10
Germany's trade credit insurance market is the largest in Europe 10
Corporate insolvencies have fallen in recent years 10
The proportion of the total market value due to smaller companies has fallen since 2013… 11
… while single-risk policies are believed to have risen slightly in importance 13
Export trade credit insurance accounts for an increasing proportion of the total market 14
driven by the fact that exports account for more than 40% of German GDP 15
Cover for political risks accounts for a growing proportion of the market for export trade credit cover 16
The vast majority of business is underwritten by insurers based in Germany itself… 17
although the split between directly underwritten cover and broker-intermediated business is closer 18
Factoring as a complementary / substitute product 19
Germany's market for factoring has experienced robust growth in recent years 19
Underwriter utilisation by brokers and market shares 20
Five underwriters are utilised on a regular basis by more than 60% of brokers active in this arena… 20
… with Euler Hermes the clear market leader ahead of Atradius and Coface 20
Distribution channels 23
The agents of SIGNAL IDUNA act as distributors of trade credit policies underwritten by R+V 23
in a market in which there are many brokers with a significant presence in this arena 23
among which Aon is the market leader with over 100 staff focused on trade credit cover 23
Trade credit insurance is promoted by several of Germany's largest banks… 24
… and also by a number of trade associations… 25
… including the Bundesverband des Deutschen Groß- und Außenhandels 25
Future outlook 27
The value of export trade credit insurance is likely to rise albeit the overall market value will stagnate 27

LIST OF GRAPHICS / TABLES

00 EXECUTIVE SUMMARY 1
Key market data for trade credit insurance in Germany 2
10 INTRODUCTION 3
20 MARKET ANALYSIS 9
Gross written premiums for trade credit insurance in Germany, 2010 to 2014 11
Gross written premiums for trade credit insurance in Germany, segmented by annual turnover of insured company, 2013 and 2015 12
Gross written premiums for trade credit insurance in Germany, segmented between annual and single-risk policies, 2013 and 2015 13
Gross written premiums for trade credit insurance in Germany, segmented by domestic and export cover, 2013 and 2015 14
Value of German exports inside and outside the EU and corresponding percentages of GDP, 2010 to 2014 15
Gross written premiums for export trade credit insurance in Germany, segmented between business and political risk, 2013 and 2015 16
Gross written premiums for trade credit insurance in Germany, segmented between domestic and non-domestic underwriters, 2015 17
Gross written premiums for trade credit insurance in Germany, segmented between business intermediated by brokers and business underwritten directly, 2015 18
Total factoring market value in Germany, 2010 to 2014 19
Percentage of brokers surveyed making regular use of particular trade credit insurance underwriters in Germany, 2015 20
Estimated market shares of gross written premiums of trade credit insurance underwriters in Germany, 2014 21
Estimated market shares of gross written premiums of trade credit insurance underwriters in Germany, 2014 (table) 22
Major banks promoting trade credit insurance in Germany: operating models and partnerships, 2015 24
Major trade associations offering trade credit insurance in Germany: operating models and partnerships, 2015 26
Forecast gross written premiums for trade credit insurance in Germany, 2018 27

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