Trade Credit Insurance in Italy

  • March 2013
  • -
  • Finaccord
  • -
  • 28 pages

Trade Credit Insurance in Italy is a report about the market for trade credit cover in Italy. 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 leading brokers of trade credit insurance in Italy. 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 in Italy, provides a basis for commentary surrounding distribution channels used for this type of policy, and informs Finaccord's forecasts for the Italian market value through to 2016.

Key features of this report include:

- quantification of the market size for trade credit insurance in Italy: how much is the market worth, how has it developed since 2008 and how does it 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 broker survey and other available data sources;

- audit of the frequency of usage of underwriters by major brokers of trade credit insurance in Italy: to what extent are 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 70 leading banks and major trade associations;

- forecasts for the market for trade credit insurance in Italy 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
1.0 INTRODUCTION
What is this report about?
Rationale
Several factors underpin the rationale for the production of this study
There are several distribution channel options in addition to brokers
Globally, trade credit insurers cover over EUR 1 trillion of commercial credit exposures
The report provides a standardised analysis of important metrics for trade credit insurance
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
PartnerBASE
Finaccord
 
2.0 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
3.0 APPENDIX
Brokers participating in the survey
 
LIST OF GRAPHICS / TABLES
0.0 EXECUTIVE SUMMARY
Key market data for trade credit insurance in Italy
1.0 INTRODUCTION
2.0 ITALY
Gross written premiums for trade credit insurance in Italy, 2008 to 2012
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 in Italy, 2013
Premiums paid for single-risk policies as a proportion of the total market for trade credit insurance in Italy, 2013
Premiums 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
Premiums 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 credit insurance, 2016
Forecast segmentation of gross written premiums in Italy between domestic and export trade credit insurance, 2016 (table)
3.0 APPENDIX

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