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Trade Credit Insurance in Russia

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

Trade Credit Insurance in Russia is a report about the market for trade credit cover in Russia. 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 Russia. 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 Russia, 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 Russia: 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 Russia: 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 30 leading banks and major trade associations;

- forecasts for the market for trade credit insurance in Russia 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 Russia
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 7
Finaccord 7
2.0 RUSSIA 8
Introduction 8
Market size, growth and segmentation 9
In recent years, the Russian market for trade credit insurance has grown rapidly from a low base 9
Corporate bankruptcies have declined in recent years which should aid claims experience 9
A significant proportion of business transactions are still carried out on pre-payment terms 9
The vast majority of the market is due to larger firms with an annual turnover of more than USD 5 million 11
Single-risk policies remain a small segment within the overall market... 12
... and export trade credit insurance is also under-developed within the total market size... 13
... albeit Exiar is planning to expand its operations to a wider range of sectors in the future 13
The value of exports as a percentage of Russian GDP lies consistently at around 30% 14
There is a small market for insuring trade-related political risks in Russia 15
Factoring as a complementary / substitute product 16
Russia's factoring market has mushroomed in size since 2009 16
Underwriter market shares 17
Four competitors vie for market leadership in the overall trade credit insurance market 17
Both Coface and Euler Hermes worked with local partners before obtaining their own licenses... 17
... while Atradius still does so and ONDD went down the route of a joint venture in 2009 17
Having entered the market in 2012, Soglasie is understood to have grown rapidly 17
On average, brokers of trade credit insurance work regularly with close to four underwriters 19
Distribution channels 20
Three brokerages account for the bulk of trade credit insurance intermediated via the broker channel 20
Banks do not sell trade credit cover themselves... 20
... and only one major trade association has set up an affinity scheme for this policy type 20
Future outlook 21
Further quite robust expansion is forecast for the Russian market 21
3.0 APPENDIX 23


List of Graphics / Tables


0.0 EXECUTIVE SUMMARY 1
Key market data for trade credit insurance in Russia 2
1.0 INTRODUCTION 3
2.0 RUSSIA 8
Gross written premiums for trade credit insurance in Russia, 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 Russia, 2013 11
Premium income paid for single-risk policies as a proportion of the total market for trade credit insurance
in Russia, 2013 12
Premium income paid for export trade credit insurance as a proportion of the total market for trade credit
insurance in Russia, 2013 13
Values of exports and imports and split of GDP by sector in Russia, 2009 to 2013 14
Premium income paid for political risk cover as a proportion of the total market for export trade credit
insurance in Russia, 2013 15
Total factoring market value in Russia, 2008 to 2012 16
Estimated market shares of gross written premiums of trade credit insurance underwriters in Russia, 2013
18
Frequency of usage of specific trade credit insurance underwriters by brokers in Russia, 2013 19
Forecast gross written premiums for trade credit insurance in Russia and the proportion due to export
trade credit insurance, 2017 21
Forecast segmentation of gross written premiums in Russia between domestic and export trade credit
insurance, 2017 (table) 22
3.0 APPENDIX 23

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