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Trade Credit Insurance in Spain

  • October 2015
  • -
  • Finaccord
  • -
  • 30 pages

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

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

Table Of Contents

Trade Credit Insurance in Spain
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
Although it has declined sharply in recent years, Spain's market for this type of cover remains large… 10
… and there has been extreme volatility in the claims ratio 10
The split of the market value by size of insured company has changed little since 2013… 11
… but single-risk policies have grown quite significantly in importance… 13
… as has export trade credit insurance… 14
with the latter having been boosted by a substantial rise in exports 15
Within export trade credit insurance, the percentage of premiums due to political risk cover has fallen 16
The Spanish government has announced that it will delay the sale of its majority stake in CESCE 16
A significant proportion of Spanish trade credit risks are underwritten by insurers outside of Spain… 18
… and close to 40% of the market value is underwritten directly by insurers 19
Factoring as a complementary / substitute product 20
The value of Spain's factoring market has retreated from a high point reached in 2012 20
Underwriter utilisation by brokers and market shares 21
Credito y Caución and Solunion are used by all brokers of trade credit insurance in Spain 21
The leading four insurers control up to 90% of the total market value… 22
… albeit smaller competitors appear to have been eroding this figure 22
Distribution channels 25
CESCE, Coface and Solunion obtain less of their business via brokers than Credito y Caución 25
Among brokers, Aon, Marsh and Willis have the largest teams dedicated to trade credit insurance 25
Several of Spain's largest banks act as distributors of trade credit insurance 25
A handful of trade associations are active in the intermediation of trade credit insurance in Spain 27
with several brokers holding relationships in this arena…
… and with CESCE the most frequently named underwriter 27
Future outlook 29
The decline in the Spanish trade credit insurance market is expected to reverse from 2016 onwards… 29
… as a result of a number of factors 29
LIST OF GRAPHICS / TABLES
00 EXECUTIVE SUMMARY 1

Key market data for trade credit insurance in Spain 2
10 INTRODUCTION 3
20 MARKET ANALYSIS 9
Gross written premiums for trade credit insurance in Spain, 2010 to 2014 11
Gross written premiums for trade credit insurance in Spain, segmented by annual turnover of insured company, 2013 and 2015 12
Gross written premiums for trade credit insurance in Spain, segmented between annual and single-risk policies, 2013 and 2015 13
Gross written premiums for trade credit insurance in Spain, segmented by domestic and export cover, 2013 and 2015 14
Value of Spanish exports inside and outside the EU and corresponding percentages of GDP, 2010 to 2014 15
Gross written premiums for export trade credit insurance in Spain, segmented between business and political risk, 2013 and 2015 17
Gross written premiums for trade credit insurance in Spain, segmented between domestic and non-domestic underwriters, 2015 18
Gross written premiums for trade credit insurance in Spain, segmented between business intermediated by brokers and business underwritten directly, 2015 19
Total factoring market value in Spain, 2010 to 2014 20
Percentage of brokers surveyed making regular use of particular trade credit insurance underwriters in Spain, 2015 21
Estimated market shares of gross written premiums of trade credit insurance underwriters in Spain, 2014 23
Estimated market shares of gross written premiums of trade credit insurance underwriters in Spain, 2014 24
Major banks promoting trade credit insurance in Spain: operating models and partnerships, 2015 26
Major trade associations offering trade credit insurance in Spain: operating models and partnerships, 2015 28
Forecast gross written premiums for trade credit insurance in Spain, 2018 30

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