TABLE OF CONTENTS 0.0 EXECUTIVE SUMMARY... 1 Trade credit insurance in China and the Middle East recorded particularly rapid growth from 2009 to 2013... 2 China and the US host the largest markets for trade credit insurance across the ten territories analysed...... 3...although relative to GDP the South African market is the most developed... 4 Three international specialists dominate the market for trade credit insurance in four markets...... 5... but in overall terms more business across the ten geographies is underwritten by other players... 5 The total market is predicted to expand at a compound annual rate of 10% in real terms up to 2017... 6 The markets for export and domestic trade credit cover are forecast to advance at a broadly similar pace... 6 1.0 INTRODUCTION... 8 What is this report about?... 8 Rationale... 8 Several factors underpin the rationale for the production of this study... 8 There are several distribution channel options in addition to brokers... 8 Globally, trade credit insurers cover over USD 2 trillion of commercial credit exposures... 8 The report provides a standardised analysis of important metrics for trade credit insurance... 9 Methodology... 9 Research program... 9 Market data analysis... 10 Definitions... 10 Trade credit insurance... 10 Single-risk and annual policies... 10 Export and domestic policies... 10 Political and business risks... 11 Premiums... 11 Abbreviations... 11 PartnerBASE... 12 Finaccord... 12 2.0 MAJOR MARKET OVERVIEW... 13 Introduction... 13 Market size and growth... 14 Value of premiums... 14 The value of gross written premiums reached more than USD 3.6 billion across the ten markets in 2013... 14 Five of the ten markets have seen premiums grow by more than 10% per year in nominal terms since 2009... 15 Premiums as a percentage of GDP... 18 Russia hosts the least developed market for trade credit insurance relative to its GDP... 18 Across the ten territories, factoring markets display greatly differing characteristics and growth rates... 19 In several markets, both factoring and trade credit insurance are fairly recent innovations... 20 Market segmentation... 22 Segmentation by size of customer... 22 As an average across all ten territories, smaller customers account for just over one fifth of the market... 22 Segmentation between single-risk and annual policies... 24 Single-risk trade credit insurance policies are most significant in China... 24 Segmentation between export and domestic trade credit insurance... 26 The relative importance of export trade credit insurance is greatest in India and the Middle East...... 26...and the latter is the most export-dependent economy of the ten considered... 27 Segmentation between cover for political risks and business risks... 29 FINACCORD (04/2014) ii
Acquiring cover for political risks is of most importance to clients in Brazil... 29 Underwriter market shares... 30 Atradius, Coface and Euler Hermes together hold over 50% of the market in four of the ten territories... 30 More than 60 different underwriters work on a regular basis with brokers in at least one country... 32 Both AIG and Coface hold relationships with brokers in nine of the ten markets covered... 34 Several underwriters ranked in the top 20 are limited to operations in one country only... 34 Distribution channels... 36 Brokers constitute the main distribution channel in five markets although there are several alternatives...... 36... including direct and agency sales...... 36... and sales via banks and factoring companies... 36 Banks are involved in the intermediation of trade credit insurance in six out of ten markets... 38 Trade associations in China are most likely to offer trade credit insurance to members... 39 Future outlook... 40 Across the ten territories combined, the market value is expected to make rapid progress up to 2017... 40...with the strongest real growth occurring in China, India, the Middle East and Russia... 40 The market for domestic trade credit insurance is likely to decline in one of the ten territories...... 43... but real growth is predicted for all ten countries in the case of export trade credit insurance... 44 3.0 AUSTRALIA... 47 Introduction... 47 Market size, growth and segmentation... 48 The Australian trade credit insurance market has lacked momentum in recent years... 48 The number of insolvencies hit an all-time high in the 2011-12 fiscal year... 48 Over 50% of business-to-business transactions in Australia are made with deferred payment terms... 48 A few brokers concentrate on selling trade credit insurance to smaller companies... 50 Most brokers surveyed sell single-risk policies although this remains a small part of the total market... 51 More than a quarter of the total market is due to export trade credit insurance... 52 EFIC is not active in short-term trade credit insurance... 52 In recent years, exports have accounted consistently for just over 20% of Australian GDP... 53 Political risk policies can sometimes be acquired on a stand-alone basis... 54 Factoring as a complementary / substitute product... 55 Australia plays host to a relatively well-developed market for factoring... 55 Underwriter market shares... 56 QBE is comfortably the market leader by value of business underwritten... 56 although competition comes from both three international specialists...... 56 and foreign insurers underwriting trade credit risks offshore... 56 As many as 16 underwriters of trade credit insurance attract some degree of broker utilisation... 58 Distribution channels... 59 NCI has established a dominant position in the distribution of trade credit insurance in Australia...... 59... although several other brokers maintain sizeable teams in this field... 59 The Export Council of Australia maintains relationships with several underwriters of trade credit insurance... 59 Future outlook... 59 The Australian market is expected to return to gentle growth up to 2017... 59 4.0 BRAZIL... 61 Introduction... 61 Market size, growth and segmentation... 62 The market for trade credit insurance grew at a compound annual rate of 11.5% between 2009 and 2013...... 62... and while the industry-wide claims ratio nearly doubled in 2012, it remains comparatively low... 62 About one half of all business-to-business transactions in Brazil are made on deferred payment terms... 62 Small companies account for a relatively low proportion of total trade credit insurance premiums paid...... 64... and single-risk policies are not common... 65 Trade credit insurance for domestic risks makes up the vast majority of the market... 66... albeit SBCE has been active in export trade credit insurance since 1997... 66 Compared to other major global markets, the value of exports as a percentage of GDP is fairly low... 67 Cover for political risks accounts for a very substantial proportion of the total market value...... 68 FINACCORD (04/2014) iii
... as a result of the presence of Argentina and China among Brazil's largest trading partners... 68 Factoring as a complementary / substitute product... 69 The value of Brazil's factoring market more than doubled between 2008 and 2010 before then falling back... 69 Underwriter market shares... 70 Coface is the largest underwriter in a market in which there are seven significant competitors... 70 AIG and Zurich are both understood to have experienced rapid growth in recent years... 70 On average, brokers work regularly with close to four of these seven insurance providers... 72 At least two significant new competitors are preparing to enter the Brazilian market... 72 Distribution channels... 73 Brokers are the dominant distribution channel for trade credit insurance in Brazil... 73 Leading brokers of trade credit cover include CredRisk Seguros and IRC Brasil...... 73... although many others are already active or are planning to increase their involvement... 73 Future outlook... 74 The trade credit insurance market has quite significant potential to grow further up to 2017... 74 5.0 CANADA... 76 Introduction... 76 Market size, growth and segmentation... 76 Canada s trade credit insurance market has delivered little growth in recent years...... 76... in spite of the country's reasonably strong economic performance since 2010... 77 A high proportion of the market is accounted for by small companies with a turnover below USD 5 million... 78 The vast majority of the market is likely to be accounted for by annual policies...... 79... with export trade credit insurance outweighing domestic trade credit cover by a fairly slim margin... 80 Exports account for about 30% of Canadian GDP, a figure that has changed little since 2010... 81 Cover for political risks plays a minor role in the Canadian market for trade credit insurance... 81 EDC's influence is greater than that of equivalent state-owned enterprises in other countries... 81 Factoring as a complementary / substitute product... 82 Canada s factoring sector has expanded very rapidly from a low base in recent years... 82 Underwriter market shares... 83 The presence of EDC means that the Canadian market for trade credit cover is quite concentrated... 83 Competition comes from familiar international specialists plus several other niche players... 83 Among brokers surveyed, Euler Hermes is the most frequently used provider of trade credit policies...... 84... with another eight companies enjoying utilisation to one degree or another... 84 Distribution channels... 85 Insurance agents and direct sales provide significant competition to brokers...... 85...and several banks are also involved in the distribution of trade credit insurance...... 86... as are a handful of trade associations, most of which have partnered with EDC... 86 Future outlook... 87 The trade credit insurance market is forecast to experience improved growth up to 2017... 87 6.0 CHINA... 89 Introduction... 89 Market size, growth and segmentation... 90 The Chinese market for trade credit insurance has experienced extraordinary growth since 2009... 90 Over 40% of business-to-business transactions in China are made with deferred payment terms... 90 The bulk of the trade credit insurance market is attributable to premiums paid by larger companies... 91 The proportion of single-risk policies within the market total is relatively high in China... 92 Export trade credit insurance accounts for more than half of the total market... 93... and Sinosure lost its monopoly position in this sector in January 2013... 93 The Chinese economy is becoming progressively less dependent on exports... 94 Cover for political risks makes up a significant proportion of the total market value... 95 Factoring as a complementary / substitute product... 96 In recent years, China's factoring market has registered a six-fold increase in value... 96 Underwriter market shares... 97 Sinosure remains the overall market leader by a very considerable margin...... 97 while a number of providers compete in domestic trade credit insurance...... 97 FINACCORD (04/2014) iv
including third-ranked Yingda Taihe which sells all of its business on a direct basis... 97 Distribution channels... 100 Direct sales by insurers and their agents constitute the major distribution channel in China...... 100... albeit plenty of brokers are active in the market for trade credit insurance... 100... including Willis and Zhejiang Guomao, both of which have established substantial specialist teams... 100 A primary motivation for buyers of trade credit insurance is to obtain bank finance... 100 Several important trade associations in China offer this type of insurance to their members... 100 Future outlook... 102 The value of the Chinese trade credit insurance market is likely to double by 2017... 102 7.0 INDIA... 105 Introduction... 105 Market size, growth and segmentation... 105 The Indian market for trade credit insurance has experienced some growth since 2009... 105 Almost a half of business-to-business transactions in India are made with deferred payment terms... 105 Over 20% of the trade credit insurance market is due to premiums paid by smaller companies... 107 In part for regulatory reasons, single-risk policies make up a fairly low proportion of the total market... 108 Export trade credit insurance makes up a very sizeable proportion of the total market... 109 The value of exports as a percentage of GDP was virtually the same in 2013 as it was in 2009... 110 Cover for political risks accounts for a fairly substantial proportion of the total market value... 111 Factoring as a complementary / substitute product... 112 India s factoring market fell sharply in 2009 before staging a partial recovery in subsequent years... 112 Underwriter market shares... 112 ECGC dominates the market for trade credit insurance in India... 112 Three international trade credit insurance specialists work in conjunction with local partners... 113 Among brokers, Tata AIG enjoys the most frequent utilisation followed by IFFCO-Tokio... 113 Distribution channels... 114 Agents and direct sales limit the distribution share of brokers...... 114... and few affinity programs exist through other types of intermediary... 115 Future outlook... 115 Several factors should propel further growth in the market up to 2017... 115 8.0 JAPAN... 118 Introduction... 118 Market size, growth and segmentation... 119 The value of the Japanese market for trade credit insurance has stagnated in recent years... 119 The number of corporate insolvencies was around 15,000 in 2009 but has since declined... 119 Small companies with a turnover below USD 5 million account for only a small tranche of the market... 121 The importance of single-risk policies varies substantially from one intermediary to another... 122 A significant proportion of intermediaries do not offer any cover for export trade credit insurance... 123 NEXI is an important competitor in this market... 123 The value of Japanese exports as a proportion of GDP has slipped back in recent years... 124 Cover for political risks amounts to close to a quarter of the total market for export trade credit insurance... 125 Factoring as a complementary / substitute product... 127 The value of Japan's factoring market has fluctuated in recent years... 127 eguarantee offers an alternative for businesses seeking to insure trade credit receivables... 127 Underwriter market shares... 128 Market leadership of trade credit insurance in Japan is tightly contested...... 128... with around a dozen underwriters active in total, including international specialists... 128 Intermediaries work regularly with an average of 3.1 providers of trade credit insurance... 130 Distribution channels... 131 Most trade credit insurance in Japan is sold through multi-tied insurance agencies...... 131... with a further significant proportion distributed directly... 131 Several major trade associations have established affinity schemes for this type of cover... 131 Future outlook... 132 Future growth in the Japanese market can be driven by a stronger focus on smaller companies... 132 FINACCORD (04/2014) v
9.0 MIDDLE EAST... 134 Introduction... 134 Market size, growth and segmentation... 135 The regional market for trade credit insurance has experienced very rapid growth in recent years... 135 with demand gradually increasing among domestic companies... 135 A lack of adequate bankruptcy legislation is generally perceived to be a problem in the whole region... 135 Small companies account for a substantial proportion of the regional market for trade credit insurance... 137 A majority of brokers surveyed intermediate both annual and single-risk policies... 138 A very high proportion of trade credit insurance premiums in the Middle East are export-related... 139 The Middle East countries are characterised by a very high value of exports as a percentage of GDP... 140 The provision of cover for political risks plays a notable role in the Middle East... 141 Factoring as a complementary / substitute product... 141 The factoring markets of Qatar and the UAE are growing from a very low base... 141 Underwriter market shares... 143 Euler Hermes is likely to be a fairly clear market leader in the region among underwriters...... 143... and is believed to hold an especially high market share in Saudi Arabia... 143 Coface maintains several important distribution partnerships in the UAE... 143 and Atradius also collaborates with local partners... 143 Competitors include international specialists, local underwriters and niche players... 145 Distribution channels... 147 Brokers are absent from two of the six Middle East countries but present in the other four... 147 A number of banks in the region have established distribution relationships for this type of cover... 147 Future outlook... 148 The boom in trade credit insurance in the Middle East is likely to continue in the coming years... 148 10.0 RUSSIA... 150 Introduction... 150 Market size, growth and segmentation... 151 In recent years, the Russian market for trade credit insurance has grown rapidly from a low base... 151 Corporate bankruptcies have declined in recent years which should aid claims experience... 151 A significant proportion of business transactions are still carried out on pre-payment terms... 151 The vast majority of the market is due to larger firms with an annual turnover of more than USD 5 million... 153 Single-risk policies remain a small segment within the overall market...... 154... and export trade credit insurance is also under-developed within the total market size...... 155... albeit Exiar is planning to expand its operations to a wider range of sectors in the future... 155 The value of exports as a percentage of Russian GDP lies consistently at around 30%... 157 There is a small market for insuring trade-related political risks in Russia... 158 Factoring as a complementary / substitute product... 159 Russia's factoring market has mushroomed in size since 2009... 159 Underwriter market shares... 160 Four competitors vie for market leadership in the overall trade credit insurance market... 160 Both Coface and Euler Hermes worked with local partners before obtaining their own licenses...... 160... while Atradius still does so and ONDD went down the route of a joint venture in 2009... 160 Having entered the market in 2012, Soglasie is understood to have grown rapidly... 160 On average, brokers of trade credit insurance work regularly with close to four underwriters... 162 Distribution channels... 163 Three brokerages account for the bulk of trade credit insurance intermediated via the broker channel... 163 Banks do not sell trade credit cover themselves...... 163... and only one major trade association has set up an affinity scheme for this policy type... 163 Future outlook... 164 Further quite robust expansion is forecast for the Russian market... 164 11.0 SOUTH AFRICA... 166 Introduction... 166 Market size, growth and segmentation... 167 South Africa's trade credit insurance market edged up in every year between 2009 and 2013...... 167 FINACCORD (04/2014) vi
... although the trend for declining claims ratios up to 2012 is likely to have reversed in 2013... 167 A substantial percentage of the total market value is attributable to small business customers... 168 Most brokers of trade credit insurance do not intermediate single-risk policies...... 169... although all are active in export trade credit insurance for which an open market exists... 170 The value of South African exports slumped in 2009 but has gradually recovered since then... 171 A fairly well-established market exists for political risk cover in South Africa... 172 Factoring as a complementary / substitute product... 173 The value of South Africa's factoring market has moved up substantially in recent years... 173 Underwriter market shares... 174 CGIC remains a very clear market leader in South Africa... 174... in spite of the acquisition-led entry of Coface in 2005... 174 Underwriters at Lloyd's of London are used occasionally but only ever for trade-related political risk cover... 176 Distribution channels... 177 Cinque and Niche International Brokers are important players in trade credit insurance broking... 177 A couple of banks intermediate trade credit policies but no trade associations do so... 177 Future outlook... 177 Export-related trade credit insurance is expected to outpace domestic risk cover up to 2017... 177 12.0 US... 179 Introduction... 179 Market size, growth and segmentation... 180 The US trade credit insurance market has experienced a period of consistent growth... 180 boosted by an increase in trade transactions made on an open-account basis... 180 For several brokers, small companies constitute the most important part of their client base...... 182... and for several, single-risk policies are comparatively important within their trade credit insurance portfolio... 183 Close to a half of the total market is due to export trade credit insurance...... 184... with a significant proportion of this due to Ex-Im Bank...... 184 although the US is not an especially export-oriented economy... 185 Virtually all brokers offering export trade credit insurance also intermediate cover for political risks... 186 Factoring as a complementary / substitute product... 187 The US factoring market fell back substantially between 2011 and 2012... 187 Accounts receivable put options constitute another possible substitute product...... 187... especially for larger corporations... 187 Underwriter market shares... 188 Euler Hermes is comfortably the market leader by value of business underwritten... 188 The top six underwriters are likely to account for over 90% of the total market... 188 Zurich occupies a strong position in the single-risk segment... 188 Five underwriters of trade credit insurance are used by 50% or more of brokers surveyed... 190 A significant number of new competitors have entered the market in recent times... 190 Distribution channels... 192 Brokers are the main distribution channel for trade credit insurance but not the only one... 192 Several specialist brokers compete with larger multiline intermediaries... 192 Several major banks promote trade credit insurance to their business customers...... 192... but few trade associations have established affinity schemes in this realm... 192 Future outlook... 193 The total market value will be close to USD 1 billion by 2017... 193 13.0 APPENDIX... 195 Brokers participating in the survey... 195 Australia... 195 Brazil... 195 Canada... 195 China... 195 India... 195 Japan... 195 FINACCORD (04/2014) vii
Middle East... 196 Russia... 196 South Africa... 196 US... 196 FINACCORD (04/2014) viii
LIST OF GRAPHICS / TABLES 0.0 EXECUTIVE SUMMARY... 1 1.0 INTRODUCTION... 8 2.0 MAJOR MARKET OVERVIEW... 13 Estimated gross written premiums for trade credit insurance in ten major global markets, segmented by market, 2013... 14 Compound annual growth in gross written premiums for trade credit insurance in ten major global markets, segmented by market, 2009 to 2013... 16 Estimated gross written premiums for trade credit insurance in ten major global markets, segmented by market, 2009 to 2013 (table)... 17 Ratio of estimated gross written premiums for trade credit insurance to GDP in ten major global markets, segmented by market, 2013... 18 Total factoring market value in ten major global markets, segmented by market, 2008 to 2012... 19 Correlation between the ratio of estimated gross written premiums for trade credit insurance to GDP and the ratio of the factoring market value to GDP in ten major global markets, segmented by market, 2012. 21 Premiums 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 ten major global markets, segmented by market, 2014... 22 Premiums 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 ten major global markets, segmented by market, 2014 (table)... 23 Premiums paid for single-risk policies as a proportion of the total market for trade credit insurance in ten major global markets, segmented by market, 2014... 24 Premiums paid for single-risk policies as a proportion of the total market for trade credit insurance in ten major global markets, segmented by market, 2014 (table)... 25 Premiums paid for export trade credit insurance as a proportion of the total market for trade credit insurance in ten major global markets, segmented by market, 2014... 26 Premiums paid for export trade credit insurance as a proportion of the total market for trade credit insurance in ten major global markets, segmented by market, 2014 (table)... 27 Correlation between the ratio of export trade credit insurance to the total market and the ratio of exports to GDP in ten major global markets, segmented by market, 2013... 28 Premiums paid for political risk cover as a proportion of the total market for export trade credit insurance in ten major global markets, segmented by country, 2014... 29 Premiums paid for political risk cover as a proportion of the total market for export trade credit insurance in ten major global markets, segmented by country, 2014 (table)... 30 Estimated market shares of gross written premiums of the three leading international trade credit insurance underwriters in ten major global markets, segmented by market, 2013... 31 Estimated market shares of gross written premiums of the three leading international trade credit insurance underwriters in ten major global markets, segmented by market, 2013 (table)... 32 Frequency of usage of specific trade credit insurance underwriters by brokers across all ten major global markets, 2014... 33 Frequency of usage of top 20 trade credit insurance underwriters by brokers in ten major global markets, segmented by market, 2014... 35 Relative importance of brokers, agents / direct sales and banks / factoring companies as distribution channels for trade credit insurance in ten major global markets, segmented by country, 2014... 37 Provision rates for trade credit insurance offered by banks in ten major global markets, segmented by market, 2014... 38 Provision rates for trade credit insurance offered by trade associations in ten major global markets, segmented by market, 2014... 39 Forecast compound annual growth in gross written premiums for total trade credit insurance in ten major global markets, segmented by market, 2013 to 2017... 41 FINACCORD (04/2014) ix
Forecast growth in gross written premiums for total trade credit insurance in ten major global markets, segmented by market, 2013 and 2017 (table)... 42 Forecast gross written premiums for domestic trade credit insurance in ten major global markets, segmented by market, 2013 and 2017... 43 Forecast gross written premiums for domestic trade credit insurance in ten major global markets, segmented by market, 2017 (table)... 44 Forecast gross written premiums for export trade credit insurance in ten major global markets, segmented by market, 2013 and 2017... 45 Forecast gross written premiums for export trade credit insurance in ten major global markets, segmented by market, 2017 (table)... 46 3.0 AUSTRALIA... 47 Gross written premiums for trade credit insurance in Australia, 2009 to 2013... 49 proportion of the total market for trade credit insurance in Australia, 2013... 50 in Australia, 2013... 51 insurance in Australia, 2013... 52 Values of exports and imports and split of GDP by sector in Australia, 2009 to 2013... 53 insurance in Australia, 2013... 54 Total factoring market value in Australia, 2008 to 2012... 55 Estimated market shares of gross written premiums of trade credit insurance underwriters in Australia, 2013... 57 Frequency of usage of specific trade credit insurance underwriters by brokers in Australia, 2014... 58 Forecast gross written premiums for trade credit insurance in Australia and the proportion due to export trade credit insurance, 2017... 60 Forecast segmentation of gross written premiums in Australia between domestic and export trade credit insurance, 2017 (table)... 60 4.0 BRAZIL... 61 Gross written premiums for trade credit insurance in Brazil, 2009 to 2013... 63 proportion of the total market for trade credit insurance in Brazil, 2013... 64 in Brazil, 2013... 65 insurance in Brazil, 2013... 66 Values of exports and imports and split of GDP by sector in Brazil, 2009 to 2013... 67 insurance in Brazil, 2013... 68 Total factoring market value in Brazil, 2008 to 2012... 69 Estimated market shares of gross written premiums of trade credit insurance underwriters in Brazil, 2013... 71 Frequency of usage of specific trade credit insurance underwriters by brokers in Brazil, 2013... 72 Forecast gross written premiums for trade credit insurance in Brazil and the proportion due to export trade credit insurance, 2017... 74 Forecast segmentation of gross written premiums in Brazil between domestic and export trade credit insurance, 2017 (table)... 75 5.0 CANADA... 76 Gross written premiums for trade credit insurance in Canada, 2009 to 2013... 77 proportion of the total market for trade credit insurance in Canada, 2013... 78 in Canada, 2013... 79 FINACCORD (04/2014) x
insurance in Canada, 2013... 80 Values of exports and imports and split of GDP by sector in Canada, 2009 to 2013... 81 insurance in Canada, 2013... 82 Total factoring market value in Canada, 2008 to 2012... 83 Estimated market shares of gross written premiums of trade credit insurance underwriters in Canada, 2013... 84 Frequency of usage of specific trade credit insurance underwriters by brokers in Canada, 2014... 85 Major banks offering trade credit insurance in Canada: operating models and partnerships, 2014... 86 Major trade associations offering trade credit insurance in Canada: operating models and partnerships, 2014... 87 Forecast gross written premiums for trade credit insurance in Canada and the proportion due to export trade credit insurance, 2017... 88 Forecast segmentation of gross written premiums in Canada between domestic and export trade credit insurance, 2017 (table)... 88 6.0 CHINA... 89 Gross written premiums for trade credit insurance in China, 2009 to 2013... 90 proportion of the total market for trade credit insurance in China, 2013... 91 in China, 2013... 92 insurance in China, 2013... 93 Values of exports and imports and split of GDP by sector in China, 2009 to 2013... 94 insurance in China, 2013... 95 Total factoring market value in China, 2008 to 2012... 96 Estimated market shares of gross written premiums of trade credit insurance underwriters in China, 2013... 98 Frequency of usage of specific trade credit insurance underwriters by brokers in China, 2013... 99 Major trade associations offering trade credit insurance in China: operating models and partnerships, 2013... 101 Forecast gross written premiums for trade credit insurance in China and the proportion due to export trade credit insurance, 2017... 102 Forecast segmentation of gross written premiums in China between domestic and export trade credit insurance, 2017 (table)... 104 7.0 INDIA... 105 Gross written premiums for trade credit insurance in India, 2009 to 2013... 106 proportion of the total market for trade credit insurance in India, 2013... 107 in India, 2013... 108 insurance in India, 2013... 109 Values of exports and imports and split of GDP by sector in India, 2009 to 2013... 110 insurance in India, 2013... 111 Total factoring market value in India, 2008 to 2012... 112 Estimated market shares of gross written premiums of trade credit insurance underwriters in India, 2013... 113 Frequency of usage of specific trade credit insurance underwriters by brokers in India, 2013... 114 Major banks offering trade credit insurance in India: operating models and partnerships, 2014... 115 FINACCORD (04/2014) xi
Forecast gross written premiums for trade credit insurance in India and the proportion due to export trade credit insurance, 2017... 116 Forecast segmentation of gross written premiums in India between domestic and export trade credit insurance, 2017 (table)... 117 8.0 JAPAN... 118 Gross written premiums for trade credit insurance in Japan, 2009 to 2013... 120 proportion of the total market for trade credit insurance in Japan, 2013... 121 in Japan, 2013... 122 insurance in Japan, 2013... 124 Values of exports and imports and split of GDP by sector in Japan, 2009 to 2013... 125 insurance in Japan, 2013... 126 Total factoring market value in Japan, 2008 to 2012... 127 Estimated market shares of gross written premiums of trade credit insurance underwriters in Japan, 2013... 129 Frequency of usage of specific trade credit insurance underwriters by brokers in Japan, 2014... 130 Major trade associations offering trade credit insurance in Japan: operating models and partnerships, 2013... 132 Forecast gross written premiums for trade credit insurance in Japan and the proportion due to export trade credit insurance, 2017... 133 Forecast segmentation of gross written premiums in Japan between domestic and export trade credit insurance, 2017 (table)... 133 9.0 MIDDLE EAST... 134 Gross written premiums for trade credit insurance in the Middle East, 2009 to 2013... 136 proportion of the total market for trade credit insurance in the Middle East, 2013... 137 in the Middle East, 2013... 138 insurance in the Middle East, 2013... 139 Values of exports and imports and split of GDP by sector in the Middle East, 2009 to 2013... 140 insurance in the Middle East, 2013... 141 Total factoring market value in Qatar and the UAE, 2008 to 2012... 142 Estimated market shares of gross written premiums of trade credit insurance underwriters in the Middle East, 2013... 144 Frequency of usage of specific trade credit insurance underwriters by brokers in the Middle East, 2014146 Major banks offering trade credit insurance in the Middle East: operating models and partnerships, 2014... 148 Forecast gross written premiums for trade credit insurance in the Middle East and the proportion due to export trade credit insurance, 2017... 149 Forecast segmentation of gross written premiums in the Middle East between domestic and export trade credit insurance, 2017... 149 10.0 RUSSIA... 150 Gross written premiums for trade credit insurance in Russia, 2009 to 2013... 152 proportion of the total market for trade credit insurance in Russia, 2013... 153 in Russia, 2013... 154 insurance in Russia, 2013... 156 FINACCORD (04/2014) xii
Values of exports and imports and split of GDP by sector in Russia, 2009 to 2013... 157 insurance in Russia, 2013... 158 Total factoring market value in Russia, 2008 to 2012... 159 Estimated market shares of gross written premiums of trade credit insurance underwriters in Russia, 2013... 161 Frequency of usage of specific trade credit insurance underwriters by brokers in Russia, 2013... 162 Forecast gross written premiums for trade credit insurance in Russia and the proportion due to export trade credit insurance, 2017... 164 Forecast segmentation of gross written premiums in Russia between domestic and export trade credit insurance, 2017 (table)... 165 11.0 SOUTH AFRICA... 166 Gross written premiums for trade credit insurance in South Africa, 2009 to 2013... 167 proportion of the total market for trade credit insurance in South Africa, 2013... 168 in South Africa, 2013... 169 insurance in South Africa, 2013... 170 Values of exports and imports and split of GDP by sector in South Africa, 2009 to 2013... 171 insurance in South Africa, 2013... 172 Total factoring market value in South Africa, 2008 to 2012... 173 Estimated market shares of gross written premiums of trade credit insurance underwriters in South Africa, 2013... 175 Frequency of usage of specific trade credit insurance underwriters by brokers in South Africa, 2013... 176 Forecast gross written premiums for trade credit insurance in South Africa and the proportion due to export trade credit insurance, 2017... 178 Forecast segmentation of gross written premiums in South Africa between domestic and export trade credit insurance, 2017 (table)... 178 12.0 US... 179 Gross written premiums for trade credit insurance in the US, 2009 to 2013... 181 proportion of the total market for trade credit insurance in the US, 2013... 182 in the US, 2013... 183 insurance in the US, 2013... 184 Values of exports and imports and split of GDP by sector in the US, 2009 to 2013... 185 insurance in the US, 2013... 186 Total factoring market value in the US, 2008 to 2012... 187 Estimated market shares of gross written premiums of trade credit insurance underwriters in the US, 2013... 189 Frequency of usage of specific trade credit insurance underwriters by brokers in the US, 2013... 191 Major banks offering trade credit insurance in the US: operating models and partnerships, 2013... 193 Forecast gross written premiums for trade credit insurance in the US and the proportion due to export trade credit insurance, 2017... 194 Forecast segmentation of gross written premiums in the US between domestic and export trade credit insurance, 2017 (table)... 194 13.0 APPENDIX... 195 FINACCORD (04/2014) xiii