TABLE OF CONTENTS 0.0 EXECUTIVE SUMMARY... 1 1.0 INTRODUCTION... 4 What is this report about?... 4 Rationale... 4 Several factors underpin the rationale for the production of this study... 4 There are several distribution channel options in addition to brokers... 4 Globally, trade credit insurers cover over EUR 2.2 trillion of commercial credit exposures... 4 The report provides a standardised analysis of important metrics across ten countries... 5 Methodology... 5 Research program... 5 Market data analysis... 5 Definitions... 6 Trade credit insurance... 6 Single risk and annual policies... 6 Export and domestic policies... 7 Political and business risks... 7 Premiums... 7 Abbreviations... 7 Exchange rate... 8 PartnerBASE... 8 Finaccord... 10 2.0 EUROPEAN OVERVIEW... 11 Introduction... 11 Market size and growth... 12 Value of premiums... 12 The value of premiums was just below EUR 4 billion across the ten European markets in 2014... 12 Seven of the ten countries saw premiums grow in nominal terms between 2010 and 2014... 13 Premiums as a percentage of GDP... 14 Austria and Spain have the most developed markets for trade credit insurance relative to GDP... 14 The market for factoring is outpacing that for trade credit insurance a majority of countries... 15 There is often a clear relationship between the relative market values of trade credit insurance and factoring... 16 Market segmentation... 17 Segmentation by annual turnover of insured company... 17 The proportion of the total market due to smaller customers has increased in five out of ten countries... 17 reaching a maximum value in Spain... 19 Segmentation between annual and single risk policies... 22 Single situation cover is most significant in Switzerland and least so in Poland... 22 and its value is likely to have increased by over 70% between 2013 and 2015... 23 Segmentation between domestic and export trade credit insurance... 25 The relative importance of export trade credit insurance is rising in most countries... 25 and both segments record maximum values in Germany... 27 The value of export trade credit cover is quite strongly related to the importance of exports in each country... 29 Segmentation between business and political risk cover... 30 Acquiring cover for political risks is of most importance to clients in Germany and Switzerland... 30 and the value of cover bought is likely to be rising in seven of the ten countries investigated... 32 FINACCORD (12/2015) i
Segmentation between domestic and non-domestic underwriters... 34 In all but one country, a small proportion of the total market is placed with non-domestic underwriters... 34 with the highest value of such business deriving from France.... 36 Distribution channels... 38 Segmentation between broker-intermediated and directly-underwritten business... 38 Brokers constitute the main distribution channel in all countries other than one... 38 and intermediated around EUR 2.36 billion in trade credit insurance premiums in 2015... 40 Affinity schemes with major banks and trade associations... 42 Almost a third of major banks serving business customers are also distributors of trade credit insurance...... 42...with a slightly higher rate of involvement visible among leading trade associations...... 43...among which those in Italy are most likely to run an affinity scheme for this product... 43 Underwriter utilisation by brokers and market shares... 45 More than 20 different underwriting groups work on a regular basis with brokers in at least one country...... 45...among which insurers belonging to Credendo are used most commonly behind the big three groups... 45... although there are over 40 competing groups in total, including many specialist underwriters... 45 Apart from the three market leaders, three insurers are used by brokers in six or more countries... 47 although a few are limited to operations in just one country... 47 Atradius, Coface and Euler Hermes together hold 70% or more of the market in eight of the ten nations... 49... albeit their combined market share appears to have fallen in recent years... 49 meaning that other competitors are likely to account for more than EUR 900 million in premiums... 49 Future outlook... 51 Across the ten countries combined, the market value is expected to reach EUR 4.22 billion by 2018... 51 albeit it is likely to contract in both nominal and real terms in two countries... 52 3.0 AUSTRIA... 55 Introduction... 55 Economic situation... 55 Market size, growth and segmentation... 56 The value of Austria s trade credit insurance market has fluctuated in recent years... 56 with more of it attributable to smaller customers in 2015 than in 2013... 57 and with acquisition of single risk cover having risen quite significantly in popularity... 58 Export trade credit insurance accounts for a large proportion of the total market...... 59... driven by the fact that exports account for more than 40% of Austrian GDP... 60 The value of political risk cover acquired by Austrian customers has also been growing... 61 While the vast majority of business is dealt with by underwriters based in Austria itself...... 62... and a narrow majority of it is intermediated by brokers... 63 Factoring as a complementary / substitute product... 64 The small factoring market doubled in value between 2010 and 2014... 64 Underwriter utilisation by brokers and market shares... 65 Austrian brokers tend to utilise a very limited range of underwriters for trade credit insurance... 65... with Acredia clearly the market leader by a comfortable margin... 66 Distribution channels... 68 Among brokers, 3 Banken Versicherungsmakler and Aon are probable market leaders... 68 A number of banks intermediate trade credit cover but trade associations are not involved... 68 Future outlook... 70 Trade credit insurance premiums in Austria are likely to record a moderate rise up to 2018... 70 4.0 BELGIUM... 71 Introduction... 71 Economic situation... 71 Key regulations... 71 Market size, growth and segmentation... 72 Progress in Belgium s trade credit insurance market has been uneven in recent years... 72 with the loss ratio having increased quite appreciably... 72 A significant proportion of the market is due to smaller clients with annual turnover below EUR 5 million... 74 FINACCORD (12/2015) ii
Single risk policies have grown slightly in importance in Belgium in recent years... 75 Export trade credit insurance accounts for a very substantial proportion of the total market...... 76... which is logical given the importance of exports to Belgium s economy... 77 Cover bought for political risks accounts for an increasing proportion of the total market... 78 Underwriters based outside of Belgium account for a fairly significant proportion of the market... 79... as does directly-underwritten (as opposed to broker-intermediated) business... 80 Factoring as a complementary / substitute product... 81 The value of Belgium s factoring market has advanced at a consistent rate in recent years... 81 Underwriter utilisation by brokers and market shares... 82 Four underwriters are used regularly by all or the vast majority of brokers of trade credit insurance... 82... albeit competitors outside of the leading quartet account for between 12% and 18% of the total market... 83 Distribution channels... 85 Marsh Trade Insure and CRiON are likely to be the leading brokers of trade credit cover... 85 with significant merger and acquisition activity having occurred in recent times... 85 Several of Belgium s largest banks act as distributors of trade credit insurance... 86 as do a number of trade associations... 87 Future outlook... 88 The value of the Belgian trade credit insurance market is likely to contract in both nominal and real terms... 88 5.0 FRANCE... 89 Introduction... 89 Economic situation... 89 Key regulations... 89 Market size, growth and segmentation... 90 The French market for trade credit insurance has fallen back somewhat in value in recent years... 90... although its aggregate profitability hit a seven-year high in 2014... 90 A growing proportion of the total market value is attributable to larger customers... 91 with the importance of single risk policies also having risen sharply... 93 Export trade credit insurance now makes up almost 40% of the overall market value... 94... although exports only account for just over 20% of French GDP... 95 Insurance bought to cover political risks has apparently been subject to a slight decline... 96 Management of state export guarantees is being transferred to Bpifrance... 96 The vast majority of business is dealt with by underwriters based in France itself... 97... and with a clear majority intermediated by brokers as opposed to being underwritten directly... 98 Factoring as a complementary / substitute product... 99 France s market for factoring expanded by almost 50% between 2010 and 2014... 99 Underwriter utilisation by brokers and market shares... 100 No insurer is used by all brokers surveyed but three are by close to 90% of them... 100 The market share of Euler Hermes is likely to lie in a range from 44% to 52%... 101 Equinox Global is believed to be making some headway against the market-leading quintet... 101 Distribution channels... 104 AU (Assurance Universelle) is the leading broker of trade credit cover, probably followed by Aon... 104 A few of the largest French banks act as distributors of trade credit insurance... 104 as do a number of trade associations... 105 such as the Confédération Générale des Petites et Moyennes Entreprises... 105 Future outlook... 107 Modest growth is forecast for the French trade credit insurance market up to 2018... 107 6.0 GERMANY... 108 Introduction... 108 Economic situation... 108 Key regulations... 109 Market size, growth and segmentation... 109 Germany's trade credit insurance market is the largest in Europe... 109 Corporate insolvencies have fallen in recent years... 109 The proportion of the total market value due to smaller companies has fallen since 2013... 110 FINACCORD (12/2015) iii
while single risk policies are believed to have risen slightly in importance... 112 Export trade credit insurance accounts for an increasing proportion of the total market...... 113... driven by the fact that exports account for more than 40% of German GDP... 114 Cover for political risks accounts for a growing proportion of the market for export trade credit cover... 115 The vast majority of business is underwritten by insurers based in Germany itself... 116... although the split between directly underwritten cover and broker-intermediated business is closer... 117 Factoring as a complementary / substitute product... 118 Germany's market for factoring has experienced robust growth in recent years... 118 Underwriter utilisation by brokers and market shares... 119 Five underwriters are utilised on a regular basis by more than 60% of brokers active in this arena... 119 with Euler Hermes the clear market leader ahead of Atradius and Coface... 119 Distribution channels... 122 The agents of SIGNAL IDUNA act as distributors of trade credit policies underwritten by R+V...... 122...in a market in which there are many brokers with a significant presence in this arena...... 122...among which Aon is the market leader with over 100 staff focused on trade credit cover... 122 Trade credit insurance is promoted by several of Germany s largest banks... 123 and also by a number of trade associations... 123 including the Bundesverband des Deutschen Groß- und Außenhandels... 123 Future outlook... 125 The value of export trade credit insurance is likely to rise albeit the overall market value will stagnate... 125 7.0 ITALY... 126 Introduction... 126 Economic situation... 126 Market size, growth and segmentation... 126 Italy's market for trade credit insurance has delivered little growth since 2011... 126 with premiums related to new policies as a percentage of total premiums having fallen slightly... 127 An increasing proportion of the market is likely to be due to larger customers... 128 with cover bought to cover single risks having risen somewhat... 129 Demand for export trade credit insurance in Italy has apparently been increasing rapidly... 130... driven by the fact that exports account for more than 25% of Italian GDP... 131 and with cover bought for political risks likely to have become more important in this market... 132 A significant proportion of business is dealt with by underwriters based outside of Italy... 133... and most is underwritten directly by insurers (including business arriving via their agents)... 134 Factoring as a complementary / substitute product... 135 Growth trends in the factoring market have mirrored those in trade credit insurance... 135 Underwriter utilisation by brokers and market shares... 136 All brokers surveyed report making use of two underwriters of trade credit insurance... 136 and these are the ones that are dominant in the analysis of market shares... 137 SACE BT has implemented a more cautious underwriting policy in recent years... 137 Distribution channels... 139 Around one third of the total market value is distributed by brokers... 139...among which Aon is likely to be the market leader... 139 Several of Italy s largest banks act as distributors of trade credit insurance... 140 and cover is also quite widely sold by trade associations... 141 all of which work directly with underwriters (as opposed to using brokers)... 141 Future outlook... 142 The value of Italy s trade credit market will grow up to 2018, but at a fairly modest rate... 142 8.0 NETHERLANDS... 143 Introduction... 143 Economic situation... 143 Market size, growth and segmentation... 144 The Dutch trade credit insurance market has grown at a consistent rate in recent years... 144 The proportion of the total market value due to smaller companies has changed little since 2013... 145 but single risk policies have risen somewhat in importance... 146 FINACCORD (12/2015) iv
Export trade credit insurance accounts for a clearly majority of the total market value... 147... driven by the fact that exports account for 80% of Dutch GDP... 148 Cover for political risks makes up a growing proportion of the market for export trade credit cover... 149 The vast majority of business is underwritten by insurers based in the Netherlands itself... 150... and over 80% of it is intermediated by brokers... 151 Factoring as a complementary / substitute product... 152 The Dutch factoring market expanded significantly between 2010 and 2014... 152 Underwriter utilisation by brokers and market shares... 153 At least ten underwriters are active in the Dutch market for trade credit insurance... 153 with Atradius the clear market leader... 154 Euler Hermes has boosted its position by taking full control of Interpolis Kredietverzekeringen... 154 Distribution channels... 156 Aon and MEVAS are likely to be the leading brokers of trade credit cover in the Netherlands... 156 Just one major Dutch bank has a clear arrangement for distributing trade credit insurance... 157 albeit a number of trade associations are active in this field... 158 usually collaborating directly with underwriters (as opposed to working with brokers)... 158 Future outlook... 160 Modest growth is predicted for Dutch trade credit insurance premiums... 160 9.0 POLAND... 161 Introduction... 161 Economic situation... 161 Market size, growth and segmentation... 162 The value of the Polish trade credit insurance market has fluctuated in recent years... 162 The proportion of the total market value due to smaller companies has changed little since 2013... 163 and single risk policies appear to have decreased slightly in importance... 164 The proportion of the total market value due to export trade credit insurance has moved up a little... 165... helped by the fact that exports account for an increasing proportion of Polish GDP... 166 The value of cover bought for business risks greatly outweighs that bought for political risks... 167 The vast majority of business is underwritten by insurers based in Poland itself... 168... although the split between directly-underwritten and broker-intermediated cover is closer... 169 Factoring as a complementary / substitute product... 170 Poland's market for factoring has experienced strong and consistent growth in recent years... 170 Underwriter utilisation by brokers and market shares... 171 Four underwriters are utilised on a regular basis by more than 75% of brokers researched... 171 with Euler Hermes the clear market leader... 172 Distribution channels... 174 Numerous brokers compete in the Polish market for trade credit insurance... 174... among which Aon, Marsh and RiskMan are likely sector leaders... 174 The role of banks and trade associations in distributing trade credit insurance is very limited... 175 Future outlook... 176 Several factors should bring about a rise in the value of trade credit insurance premiums by 2018... 176 10.0 SPAIN... 177 Introduction... 177 Economic situation... 177 Key regulations... 177 Market size, growth and segmentation... 178 Although it has declined sharply in recent years, Spain s market for this type of cover remains large... 178 and there has been extreme volatility in the claims ratio... 178 The split of the market value by size of insured company has changed little since 2013... 179 but single risk policies have grown quite significantly in importance... 181 as has export trade credit insurance... 182... with the latter having been boosted by a substantial rise in exports... 183 Within export trade credit insurance, the percentage of premiums due to political risk cover has fallen... 184 The Spanish government has announced that it will delay the sale of its majority stake in CESCE... 184 FINACCORD (12/2015) v
A significant proportion of Spanish trade credit risks are underwritten by insurers outside of Spain... 186 and close to 40% of the market value is underwritten directly by insurers... 187 Factoring as a complementary / substitute product... 188 The value of Spain s factoring market has retreated from a high point reached in 2012... 188 Underwriter utilisation by brokers and market shares... 189 Crédito y Caución and Solunion are used by all brokers of trade credit insurance in Spain... 189 The leading four insurers control up to 90% of the total market value... 190 albeit smaller competitors appear to have been eroding this figure... 190 Distribution channels... 193 CESCE, Coface and Solunion obtain less of their business via brokers than Crédito y Caución... 193 Among brokers, Aon, Marsh and Willis have the largest teams dedicated to trade credit insurance... 193 Several of Spain s largest banks act as distributors of trade credit insurance... 193 A handful of trade associations are active in the intermediation of trade credit insurance in Spain...... 195...with several brokers holding relationships in this arena... 195 and with CESCE the most frequently named underwriter... 195 Future outlook... 197 The decline in the Spanish trade credit insurance market is expected to reverse from 2016 onwards... 197 as a result of a number of factors... 197 11.0 SWITZERLAND... 199 Introduction... 199 Economic situation... 199 Market size, growth and segmentation... 200 The value of the Swiss trade credit insurance market is likely to have peaked in 2012... 200 which is when corporate insolvencies in the country also reached their highest level... 200 Larger companies buying trade credit cover account for a rising proportion of the total market... 201 and the importance of single risk policies has increased significantly in recent years... 202 as has export (as opposed to domestic) trade credit insurance... 203 Exports account for a very substantial proportion of total Swiss GDP... 204 Insurance acquired to cover political risks grew in importance between 2013 and 2015... 205 Swiss law dictates that all business can be classified as being handled by domestic underwriters... 206... and a majority of it is intermediated by brokers (as opposed to being underwritten directly)... 207 Factoring as a complementary / substitute product... 208 The trend in the factoring market has been more or less exactly opposite to that for trade credit insurance... 208 Underwriter utilisation by brokers and market shares... 209 Six underwriters are utilised on a regular basis by 50% or more of brokers active in this arena... 209 and five of these are likely to claim a market share of at least 10%... 210 Distribution channels... 212 With one exception, Swiss banks are not involved in the intermediation of trade credit insurance... 213 Future outlook... 215 A modest rise is predicted for the value of the trade credit insurance market through to 2018... 215 12.0 UK... 216 Introduction... 216 Economic situation... 216 Key regulations... 216 Market size, growth and segmentation... 217 In real terms, the value of the UK market for trade credit insurance slipped back between 2010 and 2014... 217 with the number of corporate insolvencies also having declined... 217 The value of cover sold to smaller customers may have increased between 2013 and 2015... 219 although there has been little apparent change in the weight of single risk policies within the total market... 220 Demand for export trade credit insurance seems to have tapered off... 221... partly as a consequence of a decline in underlying exports in 2014... 222 The proportion of the export trade credit insurance market due to political risk cover has remained stable... 223 The overwhelming majority of business is dealt with by underwriters based in the UK itself... 224... and brokers dominate distribution albeit direct sales are not insignificant... 225 FINACCORD (12/2015) vi
Factoring as a complementary / substitute product... 226 The value of the UK factoring market expanded by over 50% between 2010 and 2014... 226 Underwriter utilisation by brokers and market shares... 227 On average, brokers of trade credit cover work on a regular basis within between six and seven insurers... 227 and seven underwriters are utilised in this manner by more than 60% of brokers surveyed... 227 Although not especially large, the UK market for trade credit insurance is comparatively fragmented... 228 Distribution channels... 231 Numerous brokers compete in the UK trade credit insurance market... 231 including more than a dozen that are entirely or mainly focused on this field... 231 Among banks, only HSBC has a clearly articulated distribution agreement for trade credit insurance... 232 although many trade associations offer it... 233 utilising a variety of operating models for this purpose... 233 Future outlook... 235 A number of factors threaten to limit growth in the market value through to 2018... 235 FINACCORD (12/2015) vii
LIST OF GRAPHICS / TABLES 0.0 EXECUTIVE SUMMARY... 1 Germany is Europe s largest market for trade credit insurance but is the only one to both decline in value from 2010 to 2014 and to be predicted to reduce further in value up to 2018... 2 The overall market value is stagnant but demand for single risk and export trade credit cover is likely to be growing strongly, as is demand for political risk cover within export trade credit insurance... 2 Underwriters of trade credit cover other than the leading three international insurers are likely to account for a rising share of the market, estimated at 23% across the ten European countries in 2014... 3 1.0 INTRODUCTION... 4 Major banks and trade associations covered by the research, segmented by country, 2015... 9 2.0 EUROPEAN OVERVIEW... 11 Gross written premiums for trade credit insurance across ten European markets, 2010 to 2014... 12 Nominal and real compound annual growth in gross written premiums for trade credit insurance in Europe segmented by country, 2010 to 2014... 13 Relative size of estimated gross written premiums for trade credit insurance, segmented by country, 2012... 13 Gross written premiums for trade credit insurance in Europe segmented by country, 2010 to 2014 (table)... 14 Gross written premiums for trade credit insurance as % of GDP in Europe segmented by country, 2014 15 Total factoring market value in Europe segmented by country, 2010 to 2014 (table)... 16 Correlation between gross written premiums for trade credit insurance as % of GDP and the value of the factoring market as % GDP in Europe segmented by country, 2014... 17 Percentage split of gross written premiums for trade credit insurance in Europe, segmented by annual turnover of insured company and by country, 2013 and 2015... 18 Percentage split of gross written premiums for trade credit insurance in Europe, segmented by annual turnover of insured company and by country, 2013 and 2015 (table)... 19 Gross written premiums for trade credit insurance in Europe, segmented by annual turnover of insured company and by country, 2015... 20 Gross written premiums for trade credit insurance in Europe, segmented by annual turnover of insured company and by country, 2015 (table)... 21 annual and single risk policies and by country, 2013 and 2015... 22 annual and single risk policies and by country, 2013 and 2015 (table)... 23 Gross written premiums for trade credit insurance in Europe, segmented between annual and single risk policies and by country, 2015... 24 Gross written premiums for trade credit insurance in Europe, segmented between annual and single risk policies and by country, 2015 (table)... 25 domestic and export cover and by country, 2013 and 2015... 26 domestic and export cover and by country, 2013 and 2015 (table)... 27 (table)... 27 Gross written premiums for trade credit insurance in Europe, segmented between domestic and export cover and by country, 2015... 28 Gross written premiums for trade credit insurance in Europe, segmented between domestic and export cover and by country, 2015 (table)... 29 Comparison of export trade credit insurance as percentage of total trade credit insurance and exports as percentage of GDP in Europe segmented by country, 2014... 30 FINACCORD (12/2015) viii
Percentage split of gross written premiums for export trade credit insurance in Europe, segmented between business and political risk cover and by country, 2013 and 2015... 31 Percentage split of gross written premiums for export trade credit insurance in Europe, segmented between business and political risk cover and by country, 2013 and 2015 (table)... 32 Gross written premiums for export trade credit insurance in Europe, segmented between business and political risk cover and by country, 2015... 33 Gross written premiums for export trade credit insurance in Europe, segmented between business and political risk cover and by country, 2015 (table)... 34 (table)... 34 domestic and non-domestic underwriters and by country, 2015... 35 domestic and non-domestic underwriters and by country, 2015 (table)... 36 Gross written premiums for trade credit insurance in Europe, segmented between domestic and nondomestic underwriters and by country, 2015... 37 Gross written premiums for trade credit insurance in Europe, segmented between domestic and nondomestic underwriters and by country, 2015 (table)... 38 business intermediated by brokers and business underwritten directly and by country, 2015... 39 business intermediated by brokers and business underwritten directly and by country, 2015 (table)... 40 Gross written premiums for trade credit insurance in Europe, segmented between business intermediated by brokers and business underwritten directly and by country, 2015... 41 Gross written premiums for trade credit insurance in Europe, segmented between business intermediated by brokers and business underwritten directly and by country, 2015 (table)... 42 Major banks promoting trade credit insurance in Europe: provision rates segmented by country, 2015... 43 Major trade associations promoting trade credit insurance in Europe: provision rates segmented by country, 2015... 44 Frequency of regular usage of top 20 trade credit insurance underwriters by brokers across all ten European countries, 2015... 46 Frequency of regular usage of top 20 trade credit insurance underwriters by brokers in Europe segmented by country, 2015... 48 Estimated market shares of gross written premiums of the leading three international trade credit insurance underwriters in Europe, 2014... 50 Estimated market shares of gross written premiums of the leading three international trade credit insurance underwriters in Europe, 2014 (table)... 51 Forecast gross written premiums for trade credit insurance in Europe segmented by country, 2018... 52 Forecast nominal and real compound annual growth in gross written premiums for trade credit insurance in Europe segmented by country, 2014 to 2018... 53 Forecast gross written premiums for trade credit insurance in Europe segmented by country, 2018 (table)... 54 3.0 AUSTRIA... 55 Gross written premiums for trade credit insurance in Austria, 2010 to 2014... 56 Gross written premiums for trade credit insurance in Austria, segmented by annual turnover of insured company, 2013 and 2015... 57 Gross written premiums for trade credit insurance in Austria segmented between annual and single risk policies, 2013 and 2015... 58 Gross written premiums for trade credit insurance in Austria, segmented by domestic and export cover, 2013 and 2015... 59 Value of Austrian exports inside and outside the EU and corresponding percentages of GDP, 2010 to 2014... 60 Gross written premiums for export trade credit insurance in Austria, segmented between business and political risk, 2013 and 2015... 61 Gross written premiums for trade credit insurance in Austria, segmented between domestic and nondomestic underwriters, 2015... 62 FINACCORD (12/2015) ix
Gross written premiums for trade credit insurance in Austria, segmented between business intermediated by brokers and business underwritten directly, 2015... 63 Total factoring market value in Austria, 2010 to 2014... 64 Austria, 2015... 65 Estimated market shares of gross written premiums of trade credit insurance underwriters in Austria, 2014... 66 Estimated market shares of gross written premiums of trade credit insurance underwriters in Austria, 2014... 67 Major banks promoting trade credit insurance in Austria: operating models and partnerships, 2015... 69 Forecast gross written premiums for trade credit insurance in Austria, 2018... 70 4.0 BELGIUM... 71 Gross written premiums for trade credit insurance in Belgium, 2010 to 2014... 73 Gross written premiums for trade credit insurance in Belgium, segmented by annual turnover of insured company, 2013 and 2015... 74 Gross written premiums for trade credit insurance in Belgium, segmented between annual and single risk policies, 2013 and 2015... 75 Gross written premiums for trade credit insurance in Belgium, segmented by domestic and export cover, 2013 and 2015... 76 Value of Belgian exports inside and outside the EU and corresponding percentages of GDP, 2010 to 2014... 77 Gross written premiums for export trade credit insurance in Belgium, segmented between business and political risk, 2013 and 2015... 78 Gross written premiums for trade credit insurance in Belgium, segmented between domestic and nondomestic underwriters, 2015... 79 Gross written premiums for trade credit insurance in Belgium, segmented between business intermediated by brokers and business underwritten directly, 2015... 80 Total factoring market value in Belgium, 2010 to 2014... 81 Belgium 2015... 82 Estimated market shares of gross written premiums of trade credit insurance underwriters in Belgium, 2015... 83 Estimated market shares of gross written premiums of trade credit insurance underwriters in Belgium, 2015 (table)... 84 Major banks promoting trade credit insurance in Belgium: operating models and partnerships, 2015... 86 Major trade associations offering trade credit insurance in Belgium: operating models and partnerships, 2015... 87 Forecast gross written premiums for trade credit insurance in Belgium, 2018... 88 5.0 FRANCE... 89 Gross written premiums for trade credit insurance in France, 2010 to 2014... 91 Gross written premiums for trade credit insurance in France, segmented by annual turnover of insured company, 2013 and 2015... 92 Gross written premiums for trade credit insurance in France, segmented between annual and single risk policies, 2013 and 2015... 93 Gross written premiums for trade credit insurance in France, segmented by domestic and export cover, 2013 and 2015... 94 Value of French exports inside and outside the EU and corresponding percentages of GDP, 2010 to 2014... 95 Gross written premiums for export trade credit insurance in France, segmented between business and political risk, 2013 and 2015... 96 Gross written premiums for trade credit insurance in France, segmented between domestic and nondomestic underwriters, 2015... 97 Gross written premiums for trade credit insurance in France, segmented between business intermediated by brokers and business underwritten directly, 2015... 98 FINACCORD (12/2015) x
Total factoring market value in France, 2010 to 2014... 99 France, 2015... 100 Estimated market shares of gross written premiums of trade credit insurance underwriters in France, 2014... 102 Estimated market shares of gross written premiums of trade credit insurance underwriters in France, 2014 (table)... 103 Major banks promoting trade credit insurance in France: operating models and partnerships, 2015... 105 Major trade associations offering trade credit insurance in France: operating models and partnerships, 2015... 106 Forecast gross written premiums for trade credit insurance in France, 2018... 107 6.0 GERMANY... 108 Gross written premiums for trade credit insurance in Germany, 2010 to 2014... 110 Gross written premiums for trade credit insurance in Germany, segmented by annual turnover of insured company, 2013 and 2015... 111 Gross written premiums for trade credit insurance in Germany, segmented between annual and single risk policies, 2013 and 2015... 112 Gross written premiums for trade credit insurance in Germany, segmented by domestic and export cover, 2013 and 2015... 113 Value of German exports inside and outside the EU and corresponding percentages of GDP, 2010 to 2014... 114 Gross written premiums for export trade credit insurance in Germany, segmented between business and political risk, 2013 and 2015... 115 Gross written premiums for trade credit insurance in Germany, segmented between domestic and nondomestic underwriters, 2015... 116 Gross written premiums for trade credit insurance in Germany, segmented between business intermediated by brokers and business underwritten directly, 2015... 117 Total factoring market value in Germany, 2010 to 2014... 118 Germany, 2015... 119 Estimated market shares of gross written premiums of trade credit insurance underwriters in Germany, 2014... 120 Estimated market shares of gross written premiums of trade credit insurance underwriters in Germany, 2014 (table)... 121 Major banks promoting trade credit insurance in Germany: operating models and partnerships, 2015.. 123 Major trade associations offering trade credit insurance in Germany: operating models and partnerships, 2015... 124 Forecast gross written premiums for trade credit insurance in Germany, 2018... 125 7.0 ITALY... 126 Gross written premiums for trade credit insurance in Italy, 2010 to 2014... 127 Gross written premiums for trade credit insurance in Italy, segmented by annual turnover of insured company, 2013 and 2015... 128 Gross written premiums for trade credit insurance in Italy, segmented between annual and single risk policies, 2013 and 2015... 129 Gross written premiums for trade credit insurance in Italy, segmented by domestic and export cover, 2013 and 2015... 130 Value of Italian exports inside and outside the EU and corresponding percentages of GDP, 2010 to 2014... 131 Gross written premiums for export trade credit insurance in Italy, segmented between business and political risk, 2013 and 2015... 132 Gross written premiums for trade credit insurance in Italy, segmented between domestic and nondomestic underwriters, 2015... 133 Gross written premiums for trade credit insurance in Italy, segmented between business intermediated by brokers and business underwritten directly, 2015... 134 FINACCORD (12/2015) xi
Total factoring market value in Italy, 2010 to 2014... 135 Italy, 2015... 136 Estimated market shares of gross written premiums of trade credit insurance underwriters in Italy, 2015... 137 Estimated market shares of gross written premiums of trade credit insurance underwriters in Italy, 2014 (table)... 138 Major banks promoting trade credit insurance in Italy: operating models and partnerships, 2015... 140 Major trade associations offering trade credit insurance in Italy: operating models and partnerships, 2015... 141 Forecast gross written premiums for trade credit insurance in Italy, 2018... 142 8.0 NETHERLANDS... 143 Gross written premiums for trade credit insurance in the Netherlands, 2010 to 2014... 144 Gross written premiums for trade credit insurance in the Netherlands, segmented by annual turnover of insured company, 2013 and 2015... 145 Gross written premiums for trade credit insurance in the Netherlands, segmented between annual and single risk policies, 2013 and 2015... 146 Gross written premiums for trade credit insurance in the Netherlands, segmented by domestic and export cover, 2013 and 2015... 147 Value of Dutch exports inside and outside the EU and corresponding percentages of GDP, 2010 to 2014... 148 Gross written premiums for export trade credit insurance in the Netherlands, segmented between business and political risk, 2013 and 2015... 149 Gross written premiums for trade credit insurance in the Netherlands, segmented between domestic and non-domestic underwriters, 2015... 150 Gross written premiums for trade credit insurance in the Netherlands, segmented between business intermediated by brokers and business underwritten directly, 2015... 151 Total factoring market value in the Netherlands, 2010 to 2014... 152 the Netherlands, 2015... 153 Estimated market shares of gross written premiums of trade credit insurance underwriters in the Netherlands, 2014... 155 Estimated market shares of gross written premiums of trade credit insurance underwriters in the Netherlands, 2014 (table)... 155 Major banks promoting trade credit insurance in the Netherlands: operating models and partnerships, 2015... 157 Major trade associations offering trade credit insurance in the Netherlands: operating models and partnerships, 2015... 159 Forecast gross written premiums for trade credit insurance in the Netherlands, 2018... 160 9.0 POLAND... 161 Gross written premiums for trade credit insurance in Poland, 2010 to 2014... 162 Gross written premiums for trade credit insurance in Poland, segmented by annual turnover of insured company, 2013 and 2015... 163 Gross written premiums for trade credit insurance in Poland, segmented between annual and single risk policies, 2013 and 2015... 164 Gross written premiums for trade credit insurance in Poland segmented by domestic and export cover, 2013 and 2015... 165 Value of Polish exports inside and outside the EU and corresponding percentages of GDP, 2010 to 2014... 166 Gross written premiums for export trade credit insurance in Poland, segmented between business and political risk, 2013 and 2015... 167 Gross written premiums for trade credit insurance in Poland, segmented between domestic and nondomestic underwriters, 2015... 168 FINACCORD (12/2015) xii
Gross written premiums for trade credit insurance in Poland, segmented between business intermediated by brokers and business underwritten directly, 2015... 169 Total factoring market value in Poland, 2010 to 2014... 170 Poland, 2015... 171 Estimated market shares of gross written premiums of trade credit insurance underwriters in Poland, 2014... 172 Estimated market shares of gross written premiums of trade credit insurance underwriters in Poland, 2014 (table)... 173 Major trade associations offering trade credit insurance in Poland: operating models and partnerships, 2015... 175 Forecast gross written premiums for trade credit insurance in Poland, 2018... 176 10.0 SPAIN... 177 Gross written premiums for trade credit insurance in Spain, 2010 to 2014... 179 Gross written premiums for trade credit insurance in Spain, segmented by annual turnover of insured company, 2013 and 2015... 180 Gross written premiums for trade credit insurance in Spain, segmented between annual and single risk policies, 2013 and 2015... 181 Gross written premiums for trade credit insurance in Spain, segmented by domestic and export cover, 2013 and 2015... 182 Value of Spanish exports inside and outside the EU and corresponding percentages of GDP, 2010 to 2014... 183 Gross written premiums for export trade credit insurance in Spain, segmented between business and political risk, 2013 and 2015... 185 Gross written premiums for trade credit insurance in Spain, segmented between domestic and nondomestic underwriters, 2015... 186 Gross written premiums for trade credit insurance in Spain, segmented between business intermediated by brokers and business underwritten directly, 2015... 187 Total factoring market value in Spain, 2010 to 2014... 188 Spain, 2015... 189 Estimated market shares of gross written premiums of trade credit insurance underwriters in Spain, 2014... 191 Estimated market shares of gross written premiums of trade credit insurance underwriters in Spain, 2014... 192 Major banks promoting trade credit insurance in Spain: operating models and partnerships, 2015... 194 Major trade associations offering trade credit insurance in Spain: operating models and partnerships, 2015... 196 Forecast gross written premiums for trade credit insurance in Spain, 2018... 198 11.0 SWITZERLAND... 199 Gross written premiums for trade credit insurance in Switzerland, 2010 to 2014... 200 Gross written premiums for trade credit insurance in Switzerland, segmented by annual turnover of insured company, 2013 and 2015... 201 Gross written premiums for trade credit insurance in Switzerland, segmented between annual and single risk policies, 2013 and 2015... 202 Gross written premiums for trade credit insurance in Switzerland, segmented by domestic and export cover, 2013 and 2015... 203 Value of Swiss exports inside and outside the EU and corresponding percentages of GDP, 2010 to 2014... 204 Gross written premiums for export trade credit insurance in Switzerland, segmented between business and political risk, 2013 and 2015... 205 Gross written premiums for trade credit insurance in Switzerland, segmented between domestic and nondomestic underwriters, 2015... 206 FINACCORD (12/2015) xiii
Gross written premiums for trade credit insurance in Switzerland, segmented between business intermediated by brokers and business underwritten directly, 2015... 207 Total factoring market value in Switzerland, 2010 to 2014... 208 Switzerland, 2015... 209 Estimated market shares of gross written premiums of trade credit insurance underwriters in Switzerland, 2014... 210 Estimated market shares of gross written premiums of trade credit insurance underwriters in Switzerland, 2014 (table)... 211 Major banks promoting trade credit insurance in Switzerland: operating models and partnerships, 2015... 213 Major trade associations offering trade credit insurance in Switzerland: operating models and partnerships, 2015... 214 Forecast gross written premiums for trade credit insurance in Switzerland, 2018... 215 12.0 UK... 216 Gross written premiums for trade credit insurance in the UK, 2010 to 2014... 218 Gross written premiums for trade credit insurance in the UK, segmented by annual turnover of insured company, 2013 and 2015... 219 Gross written premiums for trade credit insurance in the UK, segmented between annual and single risk policies, 2013 and 2015... 220 Gross written premiums for trade credit insurance in the UK, segmented by domestic and export cover, 2013 and 2015... 221 Value of UK exports inside and outside the EU and corresponding percentages of GDP, 2010 to 2014 222 Gross written premiums for export trade credit insurance in the UK, segmented between business and political risk, 2013 and 2015... 223 Gross written premiums for trade credit insurance in the UK, segmented between domestic and nondomestic underwriters, 2015... 224 Gross written premiums for trade credit insurance in the UK, segmented between business intermediated by brokers and business underwritten directly, 2015... 225 Total factoring market value in the UK, 2010 to 2014... 226 the UK, 2015... 228 Estimated market shares of gross written premiums of trade credit insurance underwriters in the UK, 2014... 229 Estimated market shares of gross written premiums of trade credit insurance underwriters in the UK, 2014 (table)... 230 Major banks promoting trade credit insurance in the UK: operating models and partnerships, 2015... 232 Major trade associations offering trade credit insurance in the UK: operating models and partnerships, 2015... 234 Forecast gross written premiums for trade credit insurance in the UK, 2018... 235 FINACCORD (12/2015) xiv