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Trade Credit Insurance in Switzerland

  • November 2015
  • -
  • Finaccord
  • -
  • 25 pages

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

Key features of this report include:

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

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

Table Of Contents

Trade Credit Insurance in Switzerland


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 Swiss trade credit insurance market is likely to have peaked in 2012… 10
… which is when corporate insolvencies in the country also reached their highest level 10
Larger companies buying trade credit cover account for a rising proportion of the total market… 11
… and the importance of single-risk policies has increased significantly in recent years… 12
… as has export (as opposed to domestic) trade credit insurance 13
Exports account for a very substantial proportion of total Swiss GDP 14
Insurance acquired to cover political risks grew in importance between 2013 and 2015 15
Swiss law dictates that all business can be classified as being handled by domestic underwriters… 16
and a majority of it is intermediated by brokers (as opposed to being underwritten directly) 17
Factoring as a complementary / substitute product 18
The trend in the factoring market has been more or less exactly opposite to that for trade credit insurance 18
Underwriter utilisation by brokers and market shares 19
Six underwriters are utilised on a regular basis by 50% or more of brokers active in this arena… 19
… and five of these are likely to claim a market share of at least 10% 20
Distribution channels 22
With one exception, Swiss banks are not involved in the intermediation of trade credit insurance… 23
Future outlook 25
A modest rise is predicted for the value of the trade credit insurance market through to 2018 25

LIST OF GRAPHICS / TABLES

00 EXECUTIVE SUMMARY 1
Key market data for trade credit insurance in Switzerland 2
10 INTRODUCTION 3
20 MARKET ANALYSIS 9
Gross written premiums for trade credit insurance in Switzerland, 2010 to 2014 10
Gross written premiums for trade credit insurance in Switzerland, segmented by annual turnover of insured company, 2013 and 2015 11
Gross written premiums for trade credit insurance in Switzerland, segmented between annual and single-risk policies, 2013 and 2015 12
Gross written premiums for trade credit insurance in Switzerland, segmented by domestic and export cover, 2013 and 2015 13
Value of Swiss exports inside and outside the EU and corresponding percentages of GDP, 2010 to 2014 14
Gross written premiums for export trade credit insurance in Switzerland, segmented between business and political risk, 2013 and 2015 15
Gross written premiums for trade credit insurance in Switzerland, segmented between domestic and non-domestic underwriters, 2015 16
Gross written premiums for trade credit insurance in Switzerland, segmented between business intermediated by brokers and business underwritten directly, 2015 17
Total factoring market value in Switzerland, 2010 to 2014 18
Percentage of brokers surveyed making regular use of particular trade credit insurance underwriters in Switzerland, 2015 19
Estimated market shares of gross written premiums of trade credit insurance underwriters in Switzerland, 2014 20
Estimated market shares of gross written premiums of trade credit insurance underwriters in Switzerland, 2014 (table) 21
Major banks promoting trade credit insurance in Switzerland: operating models and partnerships, 2015 23
Major trade associations offering trade credit insurance in Switzerland: operating models and partnerships, 2015 24
Forecast gross written premiums for trade credit insurance in Switzerland, 2018 25

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