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Trade Credit Insurance in Poland

  • October 2015
  • -
  • Finaccord
  • -
  • 24 pages

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

Key features of this report include:

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

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

Table Of Contents

Trade Credit Insurance in Poland

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
Exchange rate 6
PartnerBASE 7
Finaccord 7
20 MARKET ANALYSIS 9
Introduction 9
Economic situation 9
Market size, growth and segmentation 10
The value of the Polish trade credit insurance market has fluctuated in recent years 10
The proportion of the total market value due to smaller companies has changed little since 2013… 11
… and single-risk policies appear to have decreased slightly in importance 12
The proportion of the total market value due to export trade credit insurance has moved up a little… 13
helped by the fact that exports account for an increasing proportion of Polish GDP 14
The value of cover bought for business risks greatly outweighs that bought for political risks 15
The vast majority of business is underwritten by insurers based in Poland itself… 16
although the split between directly-underwritten and broker-intermediated cover is closer 17
Factoring as a complementary / substitute product 18
Poland's market for factoring has experienced strong and consistent growth in recent years 18
Underwriter utilisation by brokers and market shares 19
Four underwriters are utilised on a regular basis by more than 75% of brokers researched… 19
… with Euler Hermes the clear market leader 20
Distribution channels 22
Numerous brokers compete in the Polish market for trade credit insurance… 22
among which Aon, Marsh and RiskMan are likely sector leaders 22
The role of banks and trade associations in distributing trade credit insurance is very limited 23
Future outlook 24
Several factors should bring about a rise in the value of trade credit insurance premiums by 2018 24

LIST OF GRAPHICS / TABLES
00 EXECUTIVE SUMMARY 1
Key market data for trade credit insurance in Poland 2
10 INTRODUCTION 3
20 MARKET ANALYSIS 9
Gross written premiums for trade credit insurance in Poland, 2010 to 2014 10
Gross written premiums for trade credit insurance in Poland, segmented by annual turnover of insured company, 2013 and 2015 11
Gross written premiums for trade credit insurance in Poland, segmented between annual and single-risk policies, 2013 and 2015 12
Gross written premiums for trade credit insurance in Poland segmented by domestic and export cover, 2013 and 2015 13
Value of Polish exports inside and outside the EU and corresponding percentages of GDP, 2010 to 2014 14
Gross written premiums for export trade credit insurance in Poland, segmented between business and political risk, 2013 and 2015 15
Gross written premiums for trade credit insurance in Poland, segmented between domestic and non-domestic underwriters, 2015 16
Gross written premiums for trade credit insurance in Poland, segmented between business intermediated by brokers and business underwritten directly, 2015 17
Total factoring market value in Poland, 2010 to 2014 18
Percentage of brokers surveyed making regular use of particular trade credit insurance underwriters in Poland, 2015 19
Estimated market shares of gross written premiums of trade credit insurance underwriters in Poland, 2014 20
Estimated market shares of gross written premiums of trade credit insurance underwriters in Poland, 2014 (table) 21
Major trade associations offering trade credit insurance in Poland: operating models and partnerships, 2015 23
Forecast gross written premiums for trade credit insurance in Poland, 2018 24

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