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Trade Credit Insurance in Japan

  • March 2014
  • -
  • Finaccord
  • -
  • 27 pages

Trade Credit Insurance in Japan is a report about the market for trade credit cover in Japan. In addition to documenting the development of the market value from 2009 to 2013, the report also divides it for the most recent year between four key segments: between small companies with an annual turnover of less than USD 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 Japan. 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 of trade credit insurance in Japan, provides a basis for commentary surrounding distribution channels used for this type of policy, and informs Finaccord's forecasts for the market value through to 2017.

Key features of this report include:

- quantification of the market size for trade credit insurance in Japan: how much is the market worth, how has it developed since 2009 and how does it break down into key segments?

- presentation of the actual or estimated market shares of underwriters of trade credit insurance in 2013 based on both the broker survey and other available data sources, plus identification of leading brokers of this type of cover;

- audit of the frequency of usage of underwriters by major brokers of trade credit insurance in Japan: 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 over 40 leading banks and major trade associations;

- forecasts for the market for trade credit insurance in Japan and how it will split between domestic and export trade credit cover: what is this sector likely to look like in 2017?

Table Of Contents

Trade Credit Insurance in Japan
0.0 EXECUTIVE SUMMARY 1
1.0 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 USD 2 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 5
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
2.0 MARKET ANALYSIS 8
Introduction 8
Market size, growth and segmentation 9
The value of the Japanese market for trade credit insurance has stagnated in recent years 9
The number of corporate insolvencies was around 15,000 in 2009 but has since declined 9
Small companies with a turnover below USD 5 million account for only a small tranche of the market 11
The importance of single-risk policies varies substantially from one intermediary to another 12
A significant proportion of intermediaries do not offer any cover for export trade credit insurance 13
NEXI is an important competitor in this market 13
The value of Japanese exports as a proportion of GDP has slipped back in recent years 14
Cover for political risks amounts to close to a quarter of the total market for export trade credit insurance 15
Factoring as a complementary / substitute product 16
The value of Japan's factoring market has fluctuated in recent years 16
eGuarantee offers an alternative for businesses seeking to insure trade credit receivables 16
Underwriter market shares 17
Market leadership of trade credit insurance in Japan is tightly contested... 17
... with around a dozen underwriters active in total, including international specialists 17
Intermediaries work regularly with an average of 3.1 providers of trade credit insurance 19
Distribution channels 20
Most trade credit insurance in Japan is sold through multi-tied insurance agencies... 20
... with a further significant proportion distributed directly 20
Several major trade associations have established affinity schemes for this type of cover 20
Future outlook 22
Future growth in the Japanese market can be driven by a stronger focus on smaller companies 22
3.0 APPENDIX 24
Brokers participating in the survey 24

List of Graphics / Tables


0.0 EXECUTIVE SUMMARY 1
Key market data for trade credit insurance in Japan 2
1.0 INTRODUCTION 3
2.0 MARKET ANALYSIS 8
Gross written premiums for trade credit insurance in Japan, 2009 to 2013 10
Premium income paid by small companies with an annual turnover of less than USD 5 million as a
proportion of the total market for trade credit insurance in Japan, 2013 11
Premium income paid for single-risk policies as a proportion of the total market for trade credit insurance
in Japan, 2013 12
Premium income paid for export trade credit insurance as a proportion of the total market for trade credit
insurance in Japan, 2013 13
Values of exports and imports and split of GDP by sector in Japan, 2009 to 2013 14
Premium income paid for political risk cover as a proportion of the total market for export trade credit
insurance in Japan, 2013 15
Total factoring market value in Japan, 2008 to 2012 16
Estimated market shares of gross written premiums of trade credit insurance underwriters in Japan, 2013
18
Frequency of usage of specific trade credit insurance underwriters by brokers in Japan, 2014 19
Major trade associations offering trade credit insurance in Japan: operating models and partnerships,
2013 21
Forecast gross written premiums for trade credit insurance in Japan and the proportion due to export
trade credit insurance, 2017 22
Forecast segmentation of gross written premiums in Japan between domestic and export trade credit
insurance, 2017 (table) 23
3.0 APPENDIX 24

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