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Trade Credit Insurance in the Netherlands

  • October 2015
  • -
  • Finaccord
  • -
  • 26 pages

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

Key features of this report include:

- quantification of the market size for trade credit insurance in the Netherlands: 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 the Netherlands: 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 the Netherlands in 2018.

Table Of Contents

Trade Credit Insurance in the Netherlands

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
Market size, growth and segmentation 10
The Dutch trade credit insurance market has grown at a consistent rate in recent years 10
The proportion of the total market value due to smaller companies has changed little since 2013… 11
… but single-risk policies have risen somewhat in importance 12
Export trade credit insurance accounts for a clearly majority of the total market value… 13
driven by the fact that exports account for 80% of Dutch GDP 14
Cover for political risks makes up a growing proportion of the market for export trade credit cover 15
The vast majority of business is underwritten by insurers based in the Netherlands itself… 16
and over 80% of it is intermediated by brokers 17
Factoring as a complementary / substitute product 18
The Dutch factoring market expanded significantly between 2010 and 2014 18
Underwriter utilisation by brokers and market shares 19
At least ten underwriters are active in the Dutch market for trade credit insurance… 19
… with Atradius the clear market leader 20
Euler Hermes has boosted its position by taking full control of Interpolis Kredietverzekeringen 20
Distribution channels 22
Aon and MEVAS are likely to be the leading brokers of trade credit cover in the Netherlands 22
Just one major Dutch bank has a clear arrangement for distributing trade credit insurance… 23
… albeit a number of trade associations are active in this field… 24
… usually collaborating directly with underwriters (as opposed to working with brokers) 24
Future outlook 26
Modest growth is predicted for Dutch trade credit insurance premiums 26

LIST OF GRAPHICS / TABLES

00 EXECUTIVE SUMMARY 1
Key market data for trade credit insurance in the Netherlands 2
10 INTRODUCTION 3
20 MARKET ANALYSIS 9
Gross written premiums for trade credit insurance in the Netherlands, 2010 to 2014 10
Gross written premiums for trade credit insurance in the Netherlands, segmented by annual turnover of insured company, 2013 and 2015 11
Gross written premiums for trade credit insurance in the Netherlands, segmented between annual and single-risk policies, 2013 and 2015 12
Gross written premiums for trade credit insurance in the Netherlands, segmented by domestic and export cover, 2013 and 2015 13
Value of Dutch exports inside and outside the EU and corresponding percentages of GDP, 2010 to 2014 14
Gross written premiums for export trade credit insurance in the Netherlands, segmented between business and political risk, 2013 and 2015 15
Gross written premiums for trade credit insurance in the Netherlands, segmented between domestic and non-domestic underwriters, 2015 16
Gross written premiums for trade credit insurance in the Netherlands, segmented between business intermediated by brokers and business underwritten directly, 2015 17
Total factoring market value in the Netherlands, 2010 to 2014 18
Percentage of brokers surveyed making regular use of particular trade credit insurance underwriters in the Netherlands, 2015 19
Estimated market shares of gross written premiums of trade credit insurance underwriters in the Netherlands, 2014 21
Estimated market shares of gross written premiums of trade credit insurance underwriters in the Netherlands, 2014 (table) 21
Major banks promoting trade credit insurance in the Netherlands: operating models and partnerships, 2015 23
Major trade associations offering trade credit insurance in the Netherlands: operating models and partnerships, 2015 25
Forecast gross written premiums for trade credit insurance in the Netherlands, 2018 26

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