June 2020: Credit Insurance News Digest

Welcome to the June 2020 issue of Credit Insurance News Digest. This issue is sponsored by Farosol.

Index

Credit Insurance News

New Appointments

Events

About the Sponsor: Farosol

Credit Management News Digest

PLUS: This month's featured article: 'Direct Advantages for International Companies', by Farosol.

Please note: Amid such a fast-moving global pandemic, news stories of just a few days old quickly become outdated. Consequently, we have provided the publication date of the news releases or articles featured in this month's issue, with items closest to our publication date (10 June) displayed first.

Credit Insurance News

10 June: International structured credit insurers deliver ‘outstanding’ claims payment performance. Insurance Business has reported that new analysis of claims performance data commissioned by the Lloyd's Market Association and the International Underwriting Association, has found that insurers paid 100% of all valid claims made by regulated financial institutions under credit insurance policies in 2018 and 2019, as well as more than US$3.3 billion in claims from 2007 to 2019. Data was provided by leading brokers (including Willis Towers Watson, Aon Risk Services, Texel Finance Ltd, Miller Insurance, RKH Specialty, Marsh, BPL Global, Gallagher and JLT Specialty) of ‘single situation’ transactional credit insurances. To read Insurance Business' article go to https://www.insurancebusinessmag.com/uk/news/breaking-news/credit-insurers-deemed-outstanding-for-claims-payment-performance-224687.aspx.

10 June: Countries in Asia show increased commitment to credit management tools. Atradius' latest Payment Practices Barometer for Asia notes that although the percentage of B2B businesses offering trade credit as a sales tool varies from country to country throughout Asia, one unifying approach found in every country is the commitment to tighter credit management. With stormy times ahead and an increased risk of bad debts and insolvencies, the vast majority of businesses throughout the region expressed their intention to use one or more credit management tools to protect their accounts receivable. Atradius' report notes that companies in Hong Kong, in particular, expressed an increasing interest in trade credit insurance. To read Atradius' report go to https://group.atradius.com/publications/payment-practices-barometer-asia-2020-tighter-credit-control.html.
Atradius has also published new Payment Practices Barometers for India, Taiwan, United Arab Emirates, Indonesia, Hong Kong, China and Singapore

9 June: Trade Credit Reinsurance scheme: FAQs. Clearview Credit has published some answers, provided by Euler Hermes, to frequently asked questions on the UK government's Trade Credit Reinsurance scheme. While not wholly comprehensive as yet, it gives a detailed overview of the scheme and will be further expanded upon in the coming weeks. Questions and answers are grouped by subject areas: 'General questions on the scheme', 'Risk', 'Claims', 'Policy management/products in scope'. To read the FAQs on Clearview Credit's website go to https://www.clearviewcredit.co.uk/trade-credit-reinsurance-scheme-faq-s.

8 June: US trade credit insurers request US$60 billion in government support. Insurance Journal has reported that US trade credit insurers have asked the US Treasury Department and Federal Reserve for about US$60 billion of financial backing for claims payments caused by the Coronavirus pandemic. According to James Daly, Chief Executive Officer of Euler Hermes Americas, US insurers have already reduced the coverage they offer by 10% to 15%, but could raise further reduce coverage by 20% to 25%. Similar government-backed reinsurance schemes are now available in the UK, France, Germany and The Netherlands. To read Insurance Journal's article go to https://www.insurancejournal.com/news/national/2020/06/08/571317.htm .

8 June: Worldwide corporate insolvencies set to increase by one-third between now and 2021. Coface has published a new report which notes that although economic activity seems to be picking up in most European countries, this will not erase the effects of containment on global growth. Coface now forecasts that the recession in 2020 (a 4.4% drop in world GDP) will be stronger than that of 2009. Furthermore, despite an anticipated recovery in 2021 (+5.1%) – assuming there is no second wave of the coronavirus pandemic – when compared to 2019 levels, GDP is likely to remain 2 to 5 points lower in the US, the eurozone, Japan, and the UK. As a corollary, Coface warns overall worldwide corporate insolvencies are set to increase by one-third between now and 2021. To read Coface's news release go to https://www.coface.com/News-Publications/News/Coface-Barometer-From-a-massive-shock-to-a-diversified-recovery.

8 June: New collaboration will enable Nimbla to offer single invoice cover on Dancerace's platform. Nimbla has announced that it has entered into a partnership with Dancerace which will allow firms and financiers to insure single invoices on Dancerace's platform in circumstances where whole-book cover is unnecessary. Single-invoice policies cost from £5.60 per invoice, with cover lasting up to 12 months. Flemming Bengtsen, Nimbla's CEO, commented: "In the current climate, the need for the product could not be greater, and the efficiencies that it brings cannot be underestimated." Dancerace's other integrations include insurance modules with Euler Hermes and Tinubu-Square. To read Nimbla's news release go to https://www.nimbla.com/blog/nimbla-collaborates-with-dancerace-to-boost-credit-insurance-access-for-smes.

4 June: UK trade credit insurance to be backed by a £10 billion government guarantee. Following extensive discussions with UK trade credit insurers, the UK government has announced that it will provide guarantees of up to £10 billion to trade credit insurance schemes to support supply chains and help businesses trade with the assurance that they will be protected if a customer defaults or delays on payment. The government's announcement noted that this move will see the vast majority of trade credit insurance coverage maintained across the UK during the pandemic. Business Secretary of State Alok Sharma said: "Trade Credit Insurance is a daily necessity for hundreds of thousands of businesses across the UK . . . Our £10 billion guarantee gives peace of mind to businesses." To read the UK government's news release go to https://www.gov.uk/government/news/trade-credit-insurance-backed-by-10-billion-guarantee.
Licensed under the terms of Open Government. Licence v3.0.

4 June: Trade credit insurers praise the UK government's support package. CRN has reported that following the news that the UK government will back the UK credit insurance industry with a £10 billion package, Atradius, Coface and Euler Hermes have praised the initiative. In a note to brokers, seen by CRN, Atradius noted: "Welcome as it, the Government scheme is not a panacea to poor risk and we will continue to review all limits to ensure that exposure is managed in a proactive, positive and professional way, in line with the Government Scheme." In a similar message, Coface commented: "A key component of the scheme is to maintain, subject to normal underwriting practices, credit limits on buyers that are temporarily affected by the COVID-19 crisis and whose solvency would otherwise not be questioned." To read CRN's article go to https://www.channelweb.co.uk/news/4016093/credit-insurers-praise-government-support-package-revealed.

4 June: Terms of the UK's trade credit reinsurance scheme. Reinsurance News has reported that the UK government's trade credit insurance scheme will be available to all trade credit insurers currently operating in the UK marketplace, and covers both domestic and overseas trade with payment terms of up to two years. Under the terms of the scheme, participating insurers are required to comply with undertakings regarding the conduct of their business during the scheme period. This includes that insurers will forgo profits and will also not pay dividends or bonuses for senior staff for their guaranteed trade credit insurance business. The scheme will be followed by a joint Department for Business, Energy and Industrial Strategy/HM Treasury-led review of the trade credit insurance marketplace to ensure that UK businesses are effectively supported in the future. To read Reinsurance News' article go to https://www.reinsurancene.ws/trade-credit-reinsurance-scheme-launched-in-uk/.

4 June: Trade credit insurers are invited to apply for inclusion in the UK government-backed reinsurance scheme. The Association of British Insurers (ABI) has noted that trade credit insurers are invited to apply for inclusion in the UK government-backed reinsurance scheme. According to the ABI, under the scheme trade credit insurers will take 10% of claims that result from business failure while the government will take 90% of the premium and claims. UK businesses covered by trade credit insurance will be included automatically in the scheme if their insurer participates in it. The scheme is expected to initially run until 31 December 2020, with a review on potentially extending it taking place at the end of September. To read the ABI's news release go to https://www.abi.org.uk/news/news-articles/2020/06/abi-welcomes-government-backed-temporary-reinsurance-scheme-so-businesses-can-continue-to-access-trade-credit-insurance/.

4 June: Index identifies which countries are particularly vulnerable to systemic social risk. Euler Hermes has published its latest Social Risk Index (SRI) to identify which countries are particularly vulnerable to systemic social risk, including events, protests and other incidents that could become game-changers for politics, policymaking, business and investment decisions. In total, 102 countries are ranked, with a score between 0 (highest risk) and 100 (lowest risk). Overall, Denmark, Finland and Sweden make the top three of the SRI, exhibiting the lowest levels of social risk. Germany is placed 5th, France 9th, the US 23rd and the UK 25th. Nigeria, Venezuela and Angola exhibit the highest levels of social risk. To see the list go to https://www.eulerhermes.com/en_global/economic-research/insights/social_risk_index_2020.html.

4 June: There has never been a better time to take out a trade credit insurance policy. New research by InfolinkGazette has noted that the example of London Steel fabricators A13 Steel Ltd, which went into liquidation owing £2,329,330 to 96 unsecured creditors, should be considered a salutary lesson for other companies. Greg Connell, Managing Director of InfolinkGazette, warned: "This same scenario will play out thousands of times over the remainder of the year, as overly leveraged companies realise more debt is not going to part of the solution to getting beyond the COVID-19 disaster". Greg added: "with government-backed trade credit guarantees, there are still credit limits to be had and there has never been a better time to take out a policy". To read InfolinkGazette's analysis go to https://www.infolinkgazette.co.uk/?pid=6.

2 June: Chinese companies are bracing from a much tougher 2020. Coface's latest Payment Survey of Chinese companies, conducted in late 2019, found that average credit terms exceeding 120 days had almost doubled to 23% between 2017 and 2019. Also, 37% of Chinese companies had experienced payment delays of 120+ days, and 27% had reported ultra-long payment delays of +180 days in 2019. However, only 17% of respondents suggested that they use trade credit insurance, with 40% of those surveyed not using any form of credit management tool to mitigate cash flow risks. In consequence, Coface warned that Chinese companies may be in a weaker position to withstand the economic impact of COVID-19 in 2020. To read Coface's news release go to https://www.coface.com/News-Publications/News/China-Payment-Survey-2020-Payment-delays-will-increase-further-because-of-COVID-19.

1 June: Will COVID-19 spark a paradigm shift for business? Asia Insurance Review has published an article in which Virginie Fauvel, member of the board of management in charge of the Americas and Chief Transformation Officer at Euler Hermes, considers whether a paradigm shift in companies' activities, strategies and priorities might follow the pandemic. She notes that although it remains to be determined how exactly the future will look, "one thing for certain" is that the COVID-19 crisis will "mark a turning point in our history as businesses, governments and consumers become more vigilant on issues such as ESG [Environmental, Social, and Governance] and their global consequences." To read Asia Insurance Review's article go to https://www.asiainsurancereview.com/Magazine/ReadMagazineArticle?aid=43520.

28 May: Industry players call for a harmonised view of trade credit insurance during COVID-19. GTR (Global Trade Review) has reported that while whole turnover insurers are now benefiting from UK government support, the initiatives lack an acknowledgement of the importance of other products - such as single risk insurance or surety. As Carol Searle, general counsel at Texel Finance and ITFA insurance committee member, told GTR, trade credit insurers "tend to hit the news more in times of crisis." The article notes that private insurers around the world now want regulators to recognise that trade and the global economy relies on a variety of insurance products – public and private, whole turnover and single risk – all of which cater to specific market requirements. To read GTR's article go to https://www.gtreview.com/news/global/industry-players-call-for-a-harmonised-view-of-credit-insurance-during-covid-19/.

28 May: Nimbla announces a partnership with Wiserfunding to improve its risk modelling. Nimbla has announced that it has teamed up with SME credit risk assessment platform Wiserfunding. Flemming Bengtsen, CEO & Founder of Nimbla, commented: "We are integrating Wiserfunding into our platform to improve our risk management and enable quicker and more accurate insurance decisions." Wiserfunding’s Artificial Intelligence enhances SME credit profiling by assessing intangible factors such as corporate governance, management capacity and macroeconomics. To read Nimbla's news release go to https://www.nimbla.com/blog/nimbla-partners-with-wiserfunding-to-improve-risk-modelling.

27 May: Trade partnership boosts Canadian companies with additional credit capacity. Insurance Business has reported that several Canadian insurers have banded together to provide additional credit capacity to the Trade Partnership Insurance (TPI) program to support Canadian businesses impacted by the pandemic. The public/private collaboration behind the scheme includes the Government of Canada, Export Development Canada and several private credit insurance providers who are members of the Receivables Insurance Association of Canada. The private trade credit insurers providing the additional capacity for the TPI include Euler Hermes, Atradius, Coface Canada and The Guarantee Company of North America. To read Insurance Business' news release go to https://www.insurancebusinessmag.com/ca/news/breaking-news/trade-partnership-boosts-canadian-companies-with-additional-credit-capacity-223430.aspx.

27 May: LiquidX launches white-label trade finance program for corporate banks. LiquidX has announced that it has launched a white-label trade finance program, the LiquidX Partner Program (LPP). The new program aims to enable corporate bankers to deliver multiple products - including supply chain finance, accounts receivables, and trade credit insurance - to their clients in a single application with the bank’s own proprietary branding. LiquidX industry partners on its trade credit insurance electronic marketplace include Marsh, Euler Hermes and Atradius. To read Liquidx's news release go to https://www.liquidx.com/resources/.

26 May: Coface predicts that world trade will decline by 7% in the third quarter of 2020 compared to the previous year. A new report from Coface has predicted that the global recession will coincide with a sharp decline in international trade this year. According to Coface's forecasting model – which uses oil prices, business confidence in the US manufacturing sector, South Korean exports, and the Baltic Dry Index as explanatory variables for global trade – world trade is expected to decline by 7% in Q3 2020 compared to 2019. However, it also warns that the outcome could be significantly worse, as the usual correlation measured through linear models does not necessarily work in times of crisis. To read Coface's news release go to https://www.coface.com/News-Publications/News/World-Trade-despite-a-sudden-interruption-global-value-chains-still-have-a-bright-future.

26 May: India: IRDAI panel proposes an increase in trade credit insurance cover. Asia Insurance Review has reported that a working group formed by the Insurance Regulatory and Development Authority of India (IRDAI) to revisit existing guidelines on trade credit insurance, has proposed several changes to improve the Indian credit insurance market. This includes an increase in the indemnity provided to the policyholders from the existing 85% to 90%, with a 95% cover for micro and small enterprises for losses resulting from political risk. Another key recommendation of the group is to permit banks, financiers, lenders in trade-related transactions, to issue trade credit insurance policies except for covering the loan default of a seller. To read Asia Insurance Review's article go to https://www.asiainsurancereview.com/News/View-NewsLetter-Article/id/61843/Type/eDaily/India-IRDAI-panel-proposes-increase-in-trade-credit-insurance-cover.

26 May: Q2 is likely to see an even stronger contraction in global merchandise trade. A new report by Euler Hermes has found that, although in March China’s exports rebounded by +12.4% m/m (+2.3% y/y), the Euro area suffered a large contraction of -7.7% m/m (-10% y/y) and the quarter overall saw the strongest contraction (-2.5%) in merchandise trade since Q1 2009. Euler Hermes also warns that In Q2, "with half of global GDP under lockdown in April and Chinese exports stuttering in search of missing demand," there is likely to be an even stronger contraction. The energy sector is predicted to be hit the hardest in 2020 (-US$733 billion export losses), followed by metals (-US$420 billion) and transport services/automotive manufacturers (-US$270 billion). To read Euler Hermes' report go to https://www.eulerhermes.com/en_global/economic-research/news/global-trade-recession-confirmed-watch-out-for-protectionism.html.

25 May: European Commission approves Dutch guarantee scheme to stabilise the trade credit insurance market. The European Commission has approved a Dutch guarantee scheme to ensure that trade credit insurance continues to be available to all companies and avoid the need for buyers of goods or services to pay in advance. The European Commission's Executive Vice-President, Margrethe Vestager, commented: "The Dutch guarantee scheme will help ensure that trade credit insurance remains available to all companies to secure their commercial exchanges. This will protect their liquidity needs and help them continue their activities in these difficult times." To read the European Commission's news release go to https://ec.europa.eu/commission/presscorner/detail/en/ip_20_937.
Please note that this is a summary of a European Commission news release.

21 May: The case for a partnership between trade credit insurers and the US government. CFO magazine has published an article in which James Daly, CEO of Euler Hermes North America, argues that lack of support for the US trade credit industry is eliminating a safety net that keeps many businesses going. He notes that in the US, tens of thousands of companies use credit insurance, with US$600 billion in business-to-business transactions covered each year. However, although governments around the world have taken action to support the key role of trade credit insurance in the supply chain, in the US no such protective action "vital to the continuity of economic activity" has yet been taken. To read CFO's news release go to https://www.cfo.com/risk-management/2020/05/the-case-for-a-partnership-between-trade-credit-insurers-and-the-u-s-government/.

19 May: The trade credit and political risk industry must better explain what it has promised if it is to retain trust during the pandemic. Charles Berry, Chairman of BPL Global, has contributed an article to Insurance Day which warns that the COVID-19 pandemic could be the biggest insured loss ever, and the industry's response to it is facing mounting criticism. He suggests: "If we are to retain trust in our sector, we must explain that we are not in the habit of making promises we cannot keep". To read the article on Insurance Day's website (subscription required) go to https://insuranceday.maritimeintelligence.informa.com/ID1131066/Viewpoint-The-industry-must-better-explain-what-it-has-promised-if-is-to-retain-trust-during-the-pan.

19 May: Worldwide insolvencies are likely to increase at an unprecedented rate of +20% in 2020. According to Euler Hermes, as a result of the Corononavirus pandemic, the global economy is set to experience the deepest recession since World War II in 2020 and an unprecedented +20% wave of insolvencies worldwide. In the eurozone alone, Euler Hermes notes that there are an estimated 13,000 so-called "zombie companies" who are "on life support". Ludovic Subran, Chief Economist of Allianz and Euler Hermes, commented: "The global economy is expected to collapse twice as hard in 2020 as it did during the financial crisis. The losses are as high as the economic power (GDP) of Germany and Japan combined." To read Euler Hermes' news release go to https://www.allianz.com/en/press/news/studies/200519_Allianz-Euler-Hermes-study-coronavirus-bankruptcies.html?

19 May: Belgian reinsurance programme enables private trade credit insurers to continue to fulfil their roles despite the COVID-19 crisis. The European Commission has approved two support measures set up by Credendo designed to support the Belgian economy during the COVID-19 crisis. 1) A reinsurance programme aims to enable credit insurers to keep the credit limits that were used in the 12 months preceding 1 March 2020 as intact as possible until the end of 2020. In exchange for this commitment, Credendo – Export Credit Agency, acting on behalf of the State, undertakes to reinsure the risks underwritten by the credit insurers located in Belgium. 2) The Credendo Bridge Guarantee aims to ensure that enterprises, particularly SMEs, can obtain necessary bank credit. To read Credendo's news release go to https://www.credendo.com/press/european-commission-approves-credendos-initiatives-support-belgian-economy.

19 May: Business insolvencies in India expected to increase more than 30% in 2020. Atradius' latest Country Report for India has forecast that in 2020 India's economy looks set to contract by 3%, while business insolvencies could increase by more than 30% due to the Coronavirus pandemic. This follows economic growth of 5.3% in 2019 - then the lowest annual increase in GDP in more than six years. Atradius notes that extended supply disruptions from China due to the Coronavirus outbreak have hurt those Indian industries that are heavily dependent on imports, such as consumer durables, electronic manufacturing and pharmaceuticals. Apart from agriculture, food, and financial services, the business performance and credit risk situation of all main sectors have deteriorated. To read Atradius' news release go to https://group.atradius.com/publications/country-report-asia-india-2020.
New country reports are also available for Thailand and Brazil.

15 May: Without the UK's government-backed trade credit reinsurance scheme "supply chains could dry up and insolvencies increase". Insurance Age has reported that the insurance sector has welcomed the UK government's move to develop a temporary reinsurance scheme to guarantee transactions supported by trade credit insurance, noting that without timely intervention supply chains may dry up and insolvencies could increase. According to the article, before the announcement, brokers in the trade credit sector had found it "extremely difficult" to place new business. The British Insurance Brokers' Association's CEO Steve White and Tim Fisher, Managing Director of Trade Credit at Gallagher are quoted. To read Insurance Age's article go to https://www.insuranceage.co.uk/broker/7512546/covid-19-industry-welcomes-government-backed-trade-credit-reinsurance-scheme.

14 May: The UK government's trade credit insurance intervention could save more manufacturing jobs than the furlough scheme. The trade body for manufacturers of fasteners, forgings, pressings, cold-rolled and sheet metal products has welcomed the UK government's decision to guarantee trade credit insurance. It believes that this is a decision that could potentially save more manufacturing jobs than the furlough scheme. Geraldine Bolton, Chief Executive of the Confederation of British Metalforming (CBM), believes that 75% of its 200 members have seen cover being reduced or taken away altogether before "this timely intervention". She continued: "The Government's decision to offer a guarantee will give much-needed confidence and, in our opinion, will allow supply chains to be reignited." To read the CBM's news release go to https://thecbm.co.uk/news/intervention-on-trade-credit-insurance-welcome/.

14 May: "Definitely good news" – the UK industry reacts to the trade credit reinsurance scheme. Insurance Business has reported that the UK government's decision to guarantee trade credit insurance has been well-received by the industry. Mark Johnson, of Bridge Insurance Brokers, noted in a LinkedIn update: "The credit insurance market takes in circa £500 million in premiums; insurers are staring down the barrel of between £1 billion and £1.5 billion in claims. That would mean a potential 300% loss ratio." He continued: "Obviously those kinds of numbers don’t stack up and could wipe out cover for businesses just when they need it the most. This is why the support from the government is so important to maintain the cover as best as possible." To read Insurance Business' article go to https://www.insurancebusinessmag.com/uk/news/breaking-news/its-definitely-good-news--industry-reacts-to-trade-credit-reinsurance-scheme-222366.aspx.

13 May: UK trade credit insurers will hopefully keep credit limits "as close as possible to existing levels." Lexology has reported that the announcement of the UK Government's decision to guarantee trade credit insurance will, hopefully, mean that insurers in the UK will keep credit limits as close as possible to existing levels. The article notes that, with over 171 billion in business activity insured covering transactions between around 13,000 suppliers and 650,000 buyers (as of April 2020), attention will need to focus on (1) ensuring that guarantee measures are effective and fit for purpose; (2) suppliers are fully supported, so far as possible, and encouraged to seek out and do business with their customers; and (3) the risk of payment default is appropriately apportioned between government and insurers. To read Lexology's news release go to https://www.lexology.com/library/detail.aspx?g=62172bed-196f-46c6-bc25-48b8e91d1f40.

Webinar: Aon C–Suite Series – Credit Insurance in a Global Recession, Thursday, 11 June at 4:00 pm Singapore Time (GMT+08:00).
Aon notes that for many businesses, liquidity, trade and getting supply chains moving will be at the top of their priorities once the peak of the pandemic crisis starts to recede. "The role that the credit insurance industry plays in facilitating those objectives will be critical."
This webinar will share insights from Aon’s recent Financial Times C-Suite report, as well as review the macroeconomic outlook and its impact on credit risk and future credit capacity. There will also be practical tips on how to optimise credit limit coverage under credit insurance programmes.
Click here for details on how to register for the webinar.

Jump to Top

New Appointments

Atradius has announced that Stuart Ramsden has been named as its Regional Director UK & Ireland. Mr Ramsden has been with the firm since 1991, including 10 years as Country Manager for Atradius Ireland. He succeeds Alun Sweeney, who steps down from the role he has held for over 10 years, at the end of June.

Aon has announced that Barrie Watson has been promoted to Head of National - Credit Solutions at Aon. Mr Watson has been with Aon for thirteen years in total over two tenures. His most recent position was Head of Structured and Capital Solutions - EMEA at Aon.

HDI Global Specialty SE has announced the launch of its Political and Credit Risk team in London with the appointments of Nick Robinson as Head of Political Risk & Structured Credit and Anthony Vaughan as Senior Analyst and Underwriter. Both join from Neon, where Mr Robinson was Head of Specialty and Mr Vaughan was Senior Analyst & Underwriter, Credit & Political Risk Underwriting Team.

Tinubu Square has announced that it has appointed Adam Gussen as Vice president, Business Development, Americas. Mr Gussen has a 13-year background in trade credit insurance and is joining Timubu Square from Coface North America.

Jump to Top

Events

GTR UK 2020. 6 May. London. RESCHEDULED TO 2 NOVEMBER
GTR UK 2020 will take place in London on May 6, bringing the trade community together to discuss the potential implications for corporates, financiers and policymakers alike. The event will also consider the important role that all stakeholders have to play in promoting British businesses abroad and seizing on the huge opportunities to secure the UK’s future prosperity, with a strong focus on the role of the financial services community and the UK government in developing a global network to support trading companies.

Don’t miss your chance to join leading corporates and trade specialists for a day of discussion, debate and networking. Limited amounts of complementary corporate passes are available to those who are exporters, importers, manufacturers, distributors, traders & producers of physical goods only. For more information, visit here.

GTR East Africa 2020, 14-15 May. Nairobi. RESCHEDULED TO 1-2 OCTOBER
GTR East Africa marks its 11th annual conference in Nairobi, Kenya on 14-15 May 2020, where a cutting edge agenda will explore the key macroeconomic, geopolitical, financial market and tech trends shaping the East African trade finance landscape. This two-day conference provides GTR attendees with a unique opportunity to network with over 350 delegates all under one roof.
Don’t miss your chance to join leading corporates and trade specialists for two days of discussion, debate and networking. Limited amounts of complementary corporate passes are available to those who are exporters, importers, manufacturers, distributors, traders & producers of physical goods only. For more information, visit here.

GTR US 2020, 17 June 2020. Chicago. RESCHEDULED TO 28 OCTOBER
GTR US 2020 will return to Chicago for its fourth year on June 17, 2020, where US companies and their financing partners will meet to discuss the evolution of the trade, supply chain and working capital space. Featuring a host of expert speakers, the event will provide the latest business intelligence required to navigate trade-related risks, and the practical know-how enabling those tasked with facilitating US commerce to form resilient, agile trade financing and risk management strategies. With leading corporates, banks, financiers, insurers and digitization specialists in attendance, this event is not to be missed for those looking to create crucial industry contacts and optimize their trade business.

GTR Asia 2020, 8-9 September 2020. Singapore.
GTR Asia will return to Singapore from September 8-9 to host over 1,300 decision-makers and leaders from the global trade, export and fintech community. A leading global financial hub and home to a dynamic and thriving financial ecosystem, Singapore provides the perfect backdrop to explore the future of international trade and investment.

Offering a truly global perspective and tackling issues with a forward-looking outlook, GTR aim to create events for those passionate about issues that define the trade finance world. Hosted for over a decade, GTR Asia is recognised as the world’s largest international gathering for local and international organisations: from banks to multinational corporations and SMEs, independent financiers, commodity brokers and traders, insurers and risk managers, lawyers, consultants, ECAs and multilaterals and many more.

Attendees will gain valuable business contacts and learn from the leading figures in the industry; Hear fresh and challenging perspectives from over 100 of the world’s leading trade, treasury and fintech experts; Enjoy innovative content designed to foster maximum engagement between speakers and delegates, bringing all parties involved in Asian trade together for a two-day focused conference and networking exhibition.

Don’t miss your chance to join leading corporates and trade specialists for two days of discussion, debate and networking. Limited amounts of complementary corporate passes are available to those who are exporters, importers, manufacturers, distributors, traders & producers of physical goods only. For more information, visit here.

Commodities Trading Forum, 16 September 2020. Geneva.
Building on the success of 2019’s inaugural Geneva event and reflecting increased collaboration and partnership with the Swiss Trading & Shipping Association (STSA), GTR is delighted to announce that its newly expanded Commodities Trading Forum will be taking place at the Intercontinental Hotel Geneva on September 16, 2020. Co-hosted and held in partnership with both the STSA and PwC, and reflecting on Switzerland’s role as one for the world’s leading hubs for commodities from oil and gas to metals and agribusiness products, the conference will provide a comprehensive overview of the global commodities and commodity finance markets. Attendees will benefit from critical market insight and idea-sharing through a series of interactive and informative session formats, whilst unchallenged networking opportunities will provide access to over 200 different companies involved in the financing of global commodities.

GTR Nordics 2020, 12 November 2020. Stockholm.
After many consecutive years of attendance growth we are delighted to announce that GTR Nordics 2020 will take place on November 12, moving to the larger event space at the Radisson Blu Waterfront, Stockholm. While offering a more comfortable space to mingle, this also provides the opportunity to add some exciting new event features. GTR Nordics 2020 promises to be the biggest and best yet: Watch this space for more details as we move towards the conference date! Last year GTR Nordics returned to Stockholm and welcomed another record-breaking audience of over 500 trade finance experts, insurers, bankers, ECAs, technology innovators and corporates of all sizes.

Jump to Top

About the Sponsor: Farosol

Farosol is an international network of specialist credit insurance brokers serving more than 20 countries around the world. In order to maximise this network of innovative ideas, members have completed questionnaires reporting on the effect of the Covid pandemic on the industry, which has given great insight at both national and global levels. This means that the Farosol broking team continues to provide an unrivalled range of tailored credit insurance products as well as complementary services in the field of credit management, including asset-based finance.
Farosol members cover multiple countries to provide a seamless international footprint offering a significant direct advantage for their clients. This enables international companies using Farosol’s services to negotiate globally competitive rates for cross-border solutions in both credit insurance and credit management whilst still being serviced by independent brokers with local expertise. The best of both worlds!
Farosol’s ethos is based on expertise, close relationships, service quality, fairness and information transparency delivered with passion and enthusiasm making it an unrivalled partner for quality risk transfer and credit management programmes.
Client needs are paramount in Farosol’s approach, working across frontiers to put winning strategies in place. In this recent survey of its membership to assess the impact of the Corona epidemic on the global credit insurance marketplace for their customers, a number of themes were evident which supported the ‘thinking globally acting locally’ ethos. For further analysis specific to your region visit the Farosol website (www.farosol.com).

Jump to Top

Copyright ©2020 Credit Insurance News. All rights reserved.
All news stories on Credit Insurance News' website are included with the prior permission of the copyright holder. Reproduction or redistribution in whole or in part, in any manner, without the express prior written consent of the copyright holder, is a violation of copyright law. If you, or your organisation wish to redistribute, republish or link-to all or any part of any Credit Insurance News Digest, you must first contact the copyright holder direct or email sally.brown@creditinsurancenews.co.uk for further information.