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Welcome to issue 80 of Credit Insurance News Digest. This issue is kindly sponsored by InfolinkGazette.
Credit Insurance News
£400,000 paid per day in UK trade credit insurance claims. The Association of British Insurers (ABI) has published a new report, Key Facts 2016, to highlight the vital role insurance plays in helping households and firms cope with unexpected events and plan for the future, as well as contributing to the UK economy. As part of the research the report found that there are 11,900 credit insurance policies in the UK and £400,000 is paid out everyday under trade credit insurance to help firms cope with the failure of a trading partner. The overall UK insurance industry pays out £131 million everyday to customers. To read the ABI's news release with a link to the report go to
Unsecured and uninsured trade creditors continue to rack up massive losses. A preview of the half-yearly statistics from InfolinkGazette reveals total unpaid/unsecured credit losses of over £1.9 billion for the second half of the year, up 6% on the first half of the year. 80,000 ordinary unpaid trade creditors (excluding 8,000 occurrences where HMRC are creditors) lost an average of £23,900 (from 5,178 insolvencies). The average asset shortfall for unsecured creditors in each insolvency was approximately £499,000. Commenting on the analysis, Greg Connell (Managing Director of InfolinkGazette) said: "At least 20% of the unpaid creditors don’t have sufficient financial reserves to stand the losses they are incurring; almost 10% of the unpaid creditors are themselves insolvent and 15% have a working capital deficit." Greg added, “with only 10% of unsecured creditor losses covered by a trade credit insurance policy and 20% of unsecured creditors not having the financial reserves to stand the trade credit losses, it is hardly surprising that unsecured creditors are more than 3 times as likely to enter insolvency proceeding themselves, when compared to rest of the business universe." To read InfolinkGazette's news release go to
The trade credit insurance industry needs to fight the perception that SMEs don’t have access to credit insurance. In the latest issue of ICISA Insider, Robert Nijhout (Executive Director of the International Credit Insurance and Surety Association (ICISA)), commented in his review of the year that although events within and outside Europe in 2016 have put downward pressure on the outlook for the trade credit insurance industry, until now credit insured trade has continued to grow in spite of stagnant global trade figures. ICISA members reported increased insured exposure and a 6% increase in premium, although this was countered by a deteriorating claims picture with a 17% increase in claims. Looking at the challenges faced by the industry in the coming years, new President of the ICISA, Jos Kroon, advised that the credit insurance industry needs to fight the perception that SMEs don’t have access to credit insurance and are not served in any way. To read the ICISA Insider article go to, page 1.
Trade credit insurance payouts in Australia have surpassed levels seen at the end of the global financial crisis. The Advertiser has published an article which warns that according to data released exclusively to The Advertiser, NCI Trade Credit Solutions saw AU$6 million in trade insurance claims within the manufacturing sector - an increase of AU$4 million on 2009-2010 figures. As a consequence and to help Australia's fragile SMEs, NCI's Managing Director, Kirk Cheesman, advises that he wrote to the State Government last year encouraging it to consider subsidising premiums to increase take-up of credit insurance among SMEs. To read The Advertiser's article go to (Subscription to The Advertiser may be required).
FinTech and InsurTech: Threat or opportunity to the trade credit insurance industry. In the latest Insurance Insider, the International Credit Insurance and Surety Association (ICISA) raised the question whether trends such as FinTech and InsurTech pose a threat or opportunity to the industry. Dominique Charpentier (a member of the Atradius N.V. Management Board) and Paul Buitnik (Account Manager) explained Atradius’ view that digitisation and globalisation represent both a challenge as well as an opportunity for trade credit insurers. Mr. Charpentier noted: “Yes, automation will drive down premiums, but at the same time it also allows us to innovate and expand on our decades of experience and installed customer base." The challenge for the trade credit insurance industry, he advised, will be to build a value proposition beyond purely rating and scoring systems, and which will include "specialised customer, industry and country specific behaviour" as well. To read the Insurance Insider article go to, page 20-23.
ABI launches new Trade Credit Insurance Guide. The Association of British Insurers (ABI) has published a new guide that explains how trade credit insurance can not only protect businesses but also assist them in growing in new and existing markets. ABI’s Assistant Director, Head of Property, Commercial and Specialist Lines, Mark Shepard, commented: “The ABI’s new Trade Credit Insurance Guide gives businesses invaluable information to help them grow their business in these uncertain times. Trade credit insurance helps businesses have the confidence to trade, secure in the knowledge they are financially protected. Arguably this has never been more important and recent uncertainty should serve as a reminder to businesses of the importance of having cover in place." To obtain a copy of the Guide go to
Global outlook is now subject to exceptional uncertainty. Atradius' latest Global Economic Outlook indicates that pressures on international trade are mounting around the globe and the economic outlook is becoming increasingly uncertain. Atradius reports that it currently expects world GDP growth to slow to 2.5% in 2016, followed by a slight acceleration in 2017 (to 2.8%) on the back of a pick-up in growth in emerging economies. Meanwhile, the insolvency climate is not expected to change much and insolvencies in advanced markets are on track to be flat in 2016. Emerging market economies are facing rising insolvencies, although the magnitude is lower than previously expected as several key markets emerge from recession. Unlike the link between trade growth and GDP growth, Atradius advises that the link between insolvencies and GDP growth remains stable. To read Atradius' news release with a link to the full report go to
Credit insurance: Let’s stop #uncertainty from trending. Trevor Williams, Head of Credit & Surety Europe at QBE and Chair of the Association of British Insurers (ABI) Trade Credit Committee, has published a blog on the ABI website which notes that after #Brexit, #uncertainty is arguably the top trending word for UK businesses in 2016. Mr. Williams suggests that to counteract this uncertainty, credit insurance has an especially vital role to play. "Credit providers want to remove uncertainty by providing businesses, big and small, with the confidence that they can operate in the face of commercial and political risks. Furthermore, unlike other business insurance products where the relationship between the insurer and business remains static until a claim is made, credit providers will be there every step of the way to help their customers manage risk by offering guidance and advice about credit risks and new markets to help businesses expand." Annual stats from the ABI show that ABI members paid out more than £149 million in claims to UK businesses in 2015. To read the blog on the ABI's website go to
Global sector risks in a precarious balance, with nearly one-third of sectors downgraded in 2016. Coface's latest Barometer reports that, over the whole of 2016 and across 12 sectors evaluated in six regions of the world, nearly half of trade sectors saw their assessments change - with 23 downgrades in contrast to 10 upgrades. Coface also warns that this trend is likely to continue into 2017. Overall for this quarter, North America is the region that has been most weakened by the increase in risks, with US company insolvencies currently predicted to increase slightly (by 1%) in 2017. Credit risks are also increasing in Europe, despite a slight drop in the number of insolvencies. In the Middle East, the risks in 3/4 of sectors are considered as 'high' or 'very high'. Coface also warns that global growth is still weak (estimated at 2.6%). To read Coface's news release with a link to the full report go to
US business insolvencies set to rise by 3% in 2016. Atradius' latest NAFTA Country Report on the US forecasts that after increasing by 2.6% in 2015, US economic growth is expected to slow down to 1.5% in 2016, followed by a rebound of 2.2% in 2017. The report also advises that despite recent steady decreases in the number of corporate insolvencies, as exporting businesses struggle with lost competitiveness due to a stronger US dollar and the on-going problems in the oil and gas sector, business insolvencies are expected to increase again by around 3% in 2016. US industries performance is strongest (ranked: good) in the chemicals/pharma, automotive/transport, electronics/ICT, financial services and services sectors. The performances of the paper, metal, steels and textiles sectors are ranked as poor. To read Atradius' news release with a link to the full report go to
NAFTA Country Reports are also available for Mexico and Canada at
Credit insurance: the first line of defense against customer insolvency and payment default risks. mybusiness has published an article, 'What is credit insurance', in which Atradius' Managing Director, Mark Hoppe, comments that many businesses mistakenly think of credit insurance as a "large" expense, and so choose not to take out cover. However, he warns that this can leave uninsured businesses exposed to unnecessary trading risks which can emerge without warning. For example, between January and May this year, the Australian construction industry was the hardest hit by insolvencies, with 625 insolvencies - the vast majority SMEs. "Credit insurance is a first line of defense against customer insolvency and payment default risks. Businesses with a policy are guaranteed payment, regardless of why the customer cannot pay. . . The expense is reasonable when you consider that taking out cover can save the business from insolvency." To read mybusiness' article go to
Year-end economic trends and outlook for 2017. Euler Hermes has advised in its year-end analysis that global growth should reach its lowest level (2.4%) in 2016, and should be below 3% - for the 7th consecutive year - in 2017. Furthermore, for the first time since the 2009 financial crisis, insolvencies are expected to increase in most emerging countries and in the US in 2016, with big ticket bankruptcies on the rise. Euler Hermes also predicts that global trade should grow by  only +3.1% in 2017. “Growth has proven resilient this year. But resilience is not enough to prevent business insolvencies from increasing,” said Ludovic Subran, Chief Economist at Euler Hermes. "Financial turmoil, commodity and trade structural disruptions, and policy uncertainty will continue to be the bread and butter for companies next year.” To read Euler Hermes' news release go to
The profitability of a modern credit insurance operation depends highly on how effective its DEM is. The latest issue of the International Credit Insurance and Surety Association's (ICISA) Insurance Insider contains an article by Daniel Stausberg (Managing Director of Atradius Reinsurance DAC) which examines Dynamic Exposure Management (DEM) and explains: "why it makes credit insurance so unique, so brilliant and so less capital intensive than other lines of business?" Mr. Stausberg advises that credit insurers understand that the risk profile of a credit insurance portfolio materially differs from a corporate loan portfolio, typically held by banks, with a key difference often being the trade credit insurer’s ability to withdraw from the risk at any point in time during the lifetime of the policy. "This allows credit insurers to change their risk profile quickly in response to changing circumstances – in other words, to perform DEM." To read the Insurance Insider article go to, page 13.
Securing their cashflow means New Zealand retailers can remain viable even as the market tightens. NZbuiness has published an article, 'Preparing retail businesses for January pressure', in which Atradius' Managing Director, Mark Hoppe, advises that the existing pressure on the retail industry in New Zealand is expected to increase during the end-of-year period, leading to a spike in failures in Q1 2017. Mr. Hoppe highlights the need for businesses to protect themselves against insolvency. "Unless suppliers have credit insurance to protect themselves from bad debts, regardless of the customer’s reason for non-payment, they can end up going down along with the retailer." Recent high-profile collapses may be the start of a broader retail industry slowdown. To read NZbuiness's article go to (Please note, this article was first published online by NZBusiness).
Trade credit insurance will remain a people business. Insurance Business has published an article in which Hugh Burke, the newly appointed Chief Commercial Officer of Coface in the Asia Pacific region, stresses that while technology has a place in the trade credit insurance industry, personal relationships will still be key. Mr. Burke, who was recently appointed to his new role at Coface, has worked in the industry for nearly two decades and is making the move from broker to insurer following a stint with Aon, both in London and Asia. “I think my biggest challenge will be how we find a solution for this opportunity because I’m going from having markets to being the market,” he told Insurance Business. “I need to step-down and really think ‘do we want to do this piece of business, is this piece of business for us and does it fit our profile.'" To read Insurance Business' article go to
More difficult times ahead for Mexico's economy. Coface's latest Panorama warns that although Mexico’s economy has been growing above the Latin American average since 2012, the outlook is now far less optimistic. Coface forecasts that the country’s GDP will grow by 1.6 % in 2016 and 1.5 % in 2017. A less supportive global environment is the key rationale behind this expected slowdown. The US presidential elections have created volatility in the Mexican market, due to its strong economic dependence on its northern neighbour. The less open approach to trade shown by the presidential candidates is also threatening the future of trade relations. To read Coface's news release with a link to the full report go to
Credendo Group's classification for Egyptian commercial risk remains in the lowest category.  Credendo Group's latest Country Risk Assessment reports that the Egyptian economy has been floundering since 2011. Annual growth since the Arab Spring has been 2.7% on average in 2011-2016, compared to 5% in 2000-2010. Egypt has been suffering economically from years of political turbulence, falling tourism revenues and investments and foreign exchange rationing. The recently agreed IMF loan should support Egypt’s external liquidity but might fuel widespread social tensions with a sharply devalued Egyptian pound and soaring inflation. In addition, growth remains impeded by the rather difficult business environment (Egypt ranks 122 out of 190 countries in the World Bank’s Ease of Doing Business 2017 ranking) and by the volatile security context. As a result, Credendo currently ranks Egypt’s political risk classifications in category 5 and 6 respectively for short-term and long-term political risk (on a scale from 1 (best) to 7 (worst), while Egypt's commercial risk assessment is C (the worst). To read Credendo's report go to
New UK exporting businesses undeterred by Brexit. QBE's latest report, Enabling Export, has found that most of Britain’s exporters view Brexit as no more than a large-scale paperwork vs. cost issue. QBE advises that one of the key reasons for this is due to the current devaluation of Sterling which more than offsets any additional import duties that Brexit could bring. Another reason is that many of Britain's expected growth markets are outside of the EU anyway. A third reason is that many companies are already exporting outside the EU and are already familiar with import regimes. As a result, the report highlights that it may be easier for businesses to establish exporting now whilst trade agreements are still in place as it provides the opportunity to secure sales and prove success in a ‘known’ market. To read QBE's news release go to To obtain a copy of QBE's  report, Enabling Export, go to
Trade credit insurance Chief Executive reveals his path to the top. Insurance Business has published an article in which Graham Crozier, Chief Executive of Coface in Australia, describes how, after several years working in the insurance industry in London, he crossed paths with an Australian underwriter and was offered a job with a credit insurance broker. Although international travel is now an enjoyable element of his current job, Mr. Crozier stresses that what most interests him is the people he meets. “It has been great to meet new people and understand what the business does globally. The travel is fine but it is really what you get from the travel that is the interest for me.” To read Insurance Business' article go to
The Berne Union publishes its 2016 yearbook. The Berne Union has announced that it has published its annual publication for 2016. The new report provides up-to-date information about Berne Union members (including business covered, premium income and total exposure, with figures shown on a consolidated basis), as well as the current policies and strategies of international economic institutions. The publication also features topical articles on export credit and investment insurance issues by Berne Union members and leading international financial institutions. To read a copy go to
Nexus CIFS announces Single Situation Credit cover extensions. Nexus CIFS has announced significant enhancements to its Single Situation Credit and Financial Risks to include war on land/terror, aircraft war (aircraft non-repossession/confiscation) and vessel war (vessel non-repossession/confiscation/mortgage rights insurance). Additionally, Nexus CIFS has extended the 7-year tenors under their existing Contract Frustration risk coded business. James Steele-Perkins (Director, Single Situation and Financial Risks, Nexus CIFS) commented: “As our focus on Contract Frustration coded business increases, it has become apparent that there is a need to broaden our product offering to cater for the needs of those insureds who have a consistent demand for both Contract Frustration and Political Risk products." To read Nexus CIFS' news release go to
China's rebalancing: still a long way to go. Atradius' study, 'China's rebalancing: still a long way to go', notes that rebalancing of the Chinese economy is at the forefront of many policy debates not just due to the impact it will have on the Chinese economy itself, but also - as China has a global export market share of 6.8% and is the second largest economy in the world - on the global economy. The report advises that while China has taken some steps towards rebalancing its economy, overall progression is still limited and risks have mounted due to the credit-intensive nature of investment growth in recent years. " While policymaking thus far has avoided a hard landing, it has failed to effectively address the rising debt levels which continue to put a brake on GDP growth." To read Atradius' news release with a link to the full report go to
The adaptability of the insurance industry in the face of Brexit. QBE has announced that it has updated its report on the practical implications of Brexit for the insurance industry. Richard Pryce, CEO of QBE European Operations, commented that the good news is that there are a number of areas (overall prudential framework, hasty policy amendments) where experts expect little, if any, change. There are however a number of other important elements where there is less certainty. To read QBE's report go to
S-Tech Insurance Services Ltd announces that it has been acquired by Alan Boswell Group (ABG). Founded in 1982, S-Tech provides guidance on insurance (including credit insurance) to both businesses and individuals and has more than 65 employees. S-Tech will retain its name and all staff as an ongoing enterprise. Executive Chairman of ABG, Alan Boswell, commented: “We have been actively looking to broaden our reach into Cambridgeshire and S-Tech is the perfect fit." To read S-Tech's news release go to
Nexus creates new claims company. Nexus Underwriting has announced that it has formed a new claims company trading as Nexus Claims which will be run independently to its underwriting companies. Despite being in its infancy, Nexus CIFS advises that Nexus Claims has already secured agreements to manage claims emanating from more than 50% of the group’s $200 million GWP portfolio as well as acting as a third party administrator for 14 other non-affiliated MGAs across the UK, Europe and the Middle East. The seven-strong team will be headed by Nexus Group’s Chief Legal Officer, Adam Kembrooke, who is a dual-qualified UK and US lawyer. To read Nexus CIFS' news release go to
Congratulations to the following companies among our subscribers and sponsors, all of whom are finalists in their respective categories at the CICM Awards 2017. In the 'Credit Information Provider of the Year' category, CoCredo, Graydon UK and PurplePatch have been nominated. In the 'Credit Insurance Specialist of the Year' category, finalists include Credit & Business Finance, Equinox Global and Nexus CIFS. Lastly, congratulations to STA International, a finalist In the 'Third Party Debt Collection Team of the Year' category.
Atradius: Trade successfully with China webinar. On 15 November 2016, Atradius hosted a webinar that looked at the opportunities available for trade with China and how to safely transact business. A panel of experts on China’s economy, business culture and law covered the opportunities and the logistics of trading in and with China in a debate designed to help businesses make their mark there. The discussion was led by award-winning financial journalist and broadcaster Adam Shaw. To register and watch the recording of the webinar go to
Webinar. The North American Economy: A Navigational Guide. Euler Hermes North America has announced that its Chief Economist, Dan North, will be holding a webinar, 'The North American Economy: A Navigational Guide', at 2pm EST on 1 December. The topics covered will include: insights on the current and future state of the US.economy; why we expect to see continued sub-par growth; why we expect to see significantly increased business risks including rising bankruptcies; how monetary policy has been ineffective but may now be harming the US economy; recent developments regarding the consumer, manufacturing, housing, employment, exports, and global cross-currents. To sign-up, go to
Euler Hermes World Agency Webinar - Trade Wars: The Force Weakens. Euler Hermes World Agency has announced that it will be holding a webinar on 30 November at 2pm CET to discuss the reasons that trade weakens, why trade growth will never be the same again and which international strategies could counter this trend? The event will be hosted by Mahamoud ISLAM, Economist for Asia at Euler Hermes, and will last approximately one hour. To register for the event go to
Announcement from Credit Insurance News Digest
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Business Information
The UK’s poor payments culture costs the UK economy £2.5 billion each year and kills 50,000 small firms. The Federation of Small Businesses (FSB) has published a comprehensive report, 'Time to Act: The economic impact of poor payment practice', looking at the way small firms and the wider economy are affected by poor payment practice. The analysis shows that due to late payment, 37% of businesses have run into cash flow difficulties, 30% have been forced to use an overdraft and 20% say late payment has hit profits. At the extreme end, late payments and resulting cash flow difficulties have caused businesses to fail. In 2014, if payments had been made on time and as promised, 50,000 business deaths could have been avoided, growing the UK economy by £2.5 billion. To read the FSB's news release go to
OBR forecast paints a more pessimistic picture of the UK economy. The Office for Budget Responsibility (OBR) has advised that it expects the UK economy to grow more slowly than it predicted in March, with GDP growth in 2017 revised down from 2.2% to 1.4% and cumulative growth over the whole forecast revised down by 1.4%. A weaker outlook for investment and therefore productivity growth is the main cause. However, the OBR also stresses that for this forecast (and subsequent forecasts) there are numerous risks and uncertainties associated with the period leading up to and following the UK’s exit from the EU - with little by way of precedent. To read the OBR's news release with links to the various report go to
UK High Street grows for the first time since January. The UK’s high street has finally started to grow again after a nine-month hiatus, figures released by BDO reveal. BDO’s High Street Sales Tracker recorded a year-on-year growth of 0.7% for October, ending a run of monthly sales falls that began with a -1.7% decrease in February. Sales of lifestyle goods grew by 2.3% in October and homewares saw an increase of 11.6%. Non-store sales recovered to +19.5% after a dropping to just +12.6% in September. While the overall monthly return for fashion retailers was a fall of -0.9%, it was still the best month since January. To read BDO's news release go to
UK shop vacancy rates fall below 10% despite a drop in footfall. New research from the British Retail Consortium (BRC) has found that, despite a drop in footfall, the UK national town centre vacancy rate was 9.5% in October - down from 10.1% in July 2016. Though this fall remains well above the January low of 8.7%, it comes after two-quarters of consecutive growth. Helen Dickinson OBE, Chief Executive of the BRC, commented: “Once again, the North and Yorkshire as well as Northern Ireland are welcoming more stores in their high streets, but the vacancy rate in Scotland has spiked to 9.2% from 7.5% in July." To read BRC's news release go to
A declining trend for UK economic confidence highlights the need for businesses to have systems and processes in place. Continued declining confidence in the manufacturing sector is the driving force behind three successive quarterly falls in overall economic confidence, according to the latest Credit Managers’ Index, which is run by the Chartered Institute of Credit Management (CICM) and sponsored by Tinubu Square. Mike Feldwick, Head of Tinubu Square UK, said: “Trade Credit Risk Management is a fine balancing act, and whilst current sterling performance is bringing benefits to some, uncertainty over the way Brexit will unfold, is making life for credit managers complicated. They should take the opportunity to ensure they have the systems and processes in place to respond quickly to what will no doubt be a challenging journey ahead, reducing the risks their business is exposed to.” To read CICM's news release go to
UK retail sales growth picked up pace in the year to November. Retail sales volumes grew at the fastest pace for over a year in the 12 months to November, according to the latest CBI quarterly Distributive Trades Survey. The survey showed that sales volumes for the time of year were considered well above average and are expected to grow at a broadly similar pace in December. The increase in retail sales volumes was driven by the clothing and non-store goods sectors, as well hardware and DIY. Growth in internet sales volumes increased at a healthy pace over the same period, with expectations for growth in the year to December the strongest for two years. To read the CBI's news release go to
Deloitte European CFO Survey: Despite uncertainty, CFOs remain confident of long-term growth. Despite continued uncertainty and concerns about the economic and business environment, Europe’s CFOs remain optimistic about the potential for their businesses in the coming year, according to Deloitte’s latest European CFO Survey. 67% of Europe’s CFOs say that there is a high level of financial and economic uncertainty facing their business - down 1% since Q1’s survey. These perceptions are highest in the UK and Germany, where 88% of CFOs report high uncertainty. CFOs in Finland have the lowest levels of uncertainty, with just 36% reporting high levels of uncertainty, and Russian CFOs saw the largest decline - down from 72% in Q1 2016 to 47% in Q3. To read Deloitte's news release go to
UK cities now outperform pre-crisis peak. The majority of UK cities and Local Enterprise Partnership areas are now outperforming their pre-financial crisis peak, according to the latest 2016 Good Growth for Cities index, produced by PwC and the think-tank, Demos. The latest index shows that two-thirds of UK cities have improved their overall position, taking the index to its highest position ever and surpassing its previous pre-financial crisis peak of 2006-08. As in the 2012-14 Good Growth index, Reading and Oxford scored the most highly, widening the gap between their them and the other cities in the index. This result is largely driven by the large number of new businesses within these cities. At the other end of the scale, while Middlesbrough and Stockton and Sunderland sit at the bottom of the index, they have nevertheless still improved upon their performance in last year’s index. To read PWC's news release go to
New EU insolvency Directive ‘welcome’. R3 has advised that the European Commission’s new Directive on corporate insolvency reform is a welcome step towards improving business rescue procedures across Europe. Andrew Tate, R3 president, commented: "There is already an increasing focus on restructuring and early intervention as part of the insolvency regime in the UK, and an EU-wide framework for this type of work will make it much easier to handle cross-border cases." He continued: "Of course, the introduction of the Directive is complicated by Brexit. There is still no clear timetable for when the UK will leave the EU, so while we expect the government to start work to ensure the UK is compliant with the Directive, we don’t know how long the Directive will apply for." To read R3's news release with a link to the Directive details go to
UK businesses at risk of getting stuck in 'productivity slow lane'. British businesses are failing to take crucial steps to boost their productivity through investment and innovation - because they believe that low productivity is only an issue for the wider economy - according to a new report from Lloyds Banking Group and the Manufacturing Technologies Association. Andrew Bester, Group Director and Chief Executive, Commercial Banking, Lloyds Banking Group said: “Productivity is one of the defining economic issues of our time. The UK’s low level of productivity compared to its G7 peers remains an unsolved puzzle, and it is crucial that we seek to understand how businesses view the problem in order that we can try to fix it.” To read Lloyds Banking Group's news release with a link to the full report go to
GDP up by 0.3% in the euro area and by 0.4% in the EU28. Seasonally adjusted GDP rose by 0.3% in the euro area (EA19) and by 0.4% in the EU28 during the third quarter of 2016, compared with the previous quarter, according to a preliminary flash estimate published by Eurostat, the statistical office of the European Union. In the second quarter of 2016, GDP had also grown by 0.3% in the euro area and by 0.4% in the EU28. Compared with the same quarter of the previous year, seasonally adjusted GDP rose by 1.6% in the euro area and by 1.8% in the EU28 in the third quarter of 2016, after +1.6% and +1.8% also in the previous. To read Eurostat's news release go to
Modest growth in Europe and Central Asia amidst growing polarization. The latest World Bank ECA Economic Update has advised that there will be a modest increase in GDP growth in 2016 for countries in the Europe and Central Asia (ECA) region. According to the report the region is expected to grow a modest 1.6% in 2016 – up slightly from 1.4% in 2015 – but declines in both incomes and consumption will likely mitigate this modest growth. This trend is projected to continue into 2017 and 2018, with growth forecast at 1.5% and 1.8% respectively. “The Brexit vote and the refugee crisis are testing European cooperation, while the eastern half of the region is still grappling to adjust to lower oil prices,” commented Hans Timmer, World Bank Chief Economist for ECA. To read the World Bank's news release go to
UK SMEs are in 'survival mode'. According to research by Hitachi Capital Invoice Finance, 27% of SME business owners do not plan to invest at all over the next 12 months and are in ‘survival mode’. More than half of SME owners were also concerned that the UK’s decision to leave the EU could impede their access to finance, with 59% predicting that it would be more difficult to obtain finance in future. For many businesses, the preservation of working capital is still a major concern; 34% cite late payment as a problem and 31% report being paid late by their clients on a regular basis. SMEs reliance on a single client was also highlighted in the report, with almost a fifth (17%) of SME owners reporting that a single, large client is responsible for more than half of the company’s turnover. SME owners said that, on average, their biggest client is responsible for 26% of the company’s revenue. To read Hitachi Capital Invoice Finance's news release go to
Vast majority of British businesses brush off Brexit vote. Three-in-four UK businesses (74%) say they have yet to feel any financial impact – positive or negative – from the 23rd of June vote to leave the EU, according to new research by R3. However, 16% of all businesses, equivalent to 283,000 businesses, say the vote has already had a negative financial impact on them, compared to just 5% of businesses (85,000) who say the outcome of the referendum has had a positive financial impact. Andrew Tate, president of R3, says: "Brexit will be causing genuine problems for a significant minority of companies, and it will be benefitting others. The main reason for this is the sharp fall in the value of the pound, importers will have been hurt, while exporters may have seen an increase in demand for their products. Uncertainty over the future of the UK-EU relationship may put some important deals on hold, at least temporarily." To read R3's news release go to
Career Opportunities
Account Manager, London.
Be the lynch pin between underwriters and broker.
My client is seeking a well versed credit insurance candidate looking for a account manager role is a reputable and well know firm. The role will involve working with the under writing team and the brokers to ensure best resolutions are met in regards to arranging Credit Insurance and utilising the further products lines offered. You will need to have a great foundation and understanding of the credit market as well as being for approachable and a outstanding attention to detail. In return the offer a clear career path the will allow you to grow your own knowledge base as well as career goals in this buoyant market.
For more details please contact or call me on 020 7220 4774. 
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Account Handler: Acumen Credit Insurance Brokers. Sale, Manchester.
Due to continued growth we are looking for a proactive, hardworking and organised Account Handler to provide vital internal support at our Head Office in Sale, Manchester. The role will include: Working closely with Account Managers, Directors and as part of a team to provide a comprehensive support service to existing credit insurance clients ranging from SME’s to Multi-National businesses. Develop an on-going knowledge and understanding of our customers trade credit risk requirements and assist in ensuring these are met in their credit insurance programmes at all times. Provide assistance and support in renewals of existing customers and new business process, including assessing the risks and preparation of client reports and market submissions. Ideally, you will be experienced in credit insurance and/or credit management however full training will be provided. To apply, please email CV to
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Account Executive: Salary £30,000-£40,000.
Do you have experience in Trade Credit and a background of developing new business and client relationships? If you are looking for that next move and want to work for one of the UK’s biggest network or Trade Credit brokers, then this role might be right for you. The opportunity can be based in Manchester, London or Essex and will need a proactive person who understands how to rely on the network to generate the right level of business and maintain the relationships year on year. Career paths are well laid out for the right person as is development of your skill sets, for more information or to apply please contact
Administration Support: Acumen Credit Insurance Brokers. Leeds.
Due to continued growth we are looking for a proactive, organised and hard working individual to provide internal office support based in our office on the outskirts of Leeds. The role will include: Working with New Business Executives to provide administrative support for new business cases such as preparation of credit insurance quotation reports and market submissions. Provide assistance and support to Directors and Account Managers with processing credit insurance renewals Administrative support for the team such as presentations and database management. There will be the opportunity to progress towards Client Account Handler and experience in Credit Insurance or Credit Management is an advantage but not essential as all training will be given. To apply,
please email CV to mention Credit Insurance News Digest in your application).
New Appointments
XL Catlin has announced that it has appointed Barry G. Huber as its Global Practice Leader for Political Risk & Trade Credit Claims. Mr. Huber is based in New York and reports to Martin Turner, Global Practice Leader for Specialty Claims. He joins from Zurich Insurance Group where he was Global Claims Manager for Zurich Credit and Political Risk.
Tokio Marine Kiln has announced that it has expanded its special risks division with the appointment of Gary Burke as a trade credit and political risk underwriter, based in London. Mr. Burke has previously held underwriting roles at AIG and Euler Hermes UK.
Coface has advised that Isabelle Rodney (Member of the Executive Board of Caisse d’Epargne Côte d’Azur) and Anne Sallé Mongauze (Chief Executive Officer of the Compagnie Européenne de Garanties et Cautions) will become directors of the Board of Directors of COFACE SA. They take the place of Pascal Marchetti and Laurent Roubin, who leave the Board as a result of their current professional evolution.
Tokio Marine HCC has announced that it has appointed Ian Ridgway as its new Claims Manager. Mr. Ridgway previously worked in the construction industry as a Quantity Surveyor and Managing Surveyor and has a sound knowledge of the different forms of contract and construction methods as well as all the commercial issues that construction businesses face.
Forthcoming Events
Nordic Region Trade & Export Finance Conference. 29 November 2016, Stockholm.
Returning for its ninth year, the Nordic Region Trade & Export Finance Conference features as the only event of its kind in the Nordics, attracting a vast cross section of delegates and providing unrivalled networking opportunities for domestic, regional and international financial institutions, SMEs and MNCs, policy makers and trade finance specialists. The event will see high level delegates from across the trade finance community gather to discuss numerous external risks and opportunities faced by Nordic exporters in light of their activities across the globe. With over 400 of the trade finance community expected in attendance, 2016’s event looks set to eclipse the previous year’s delegate numbers once again, enhancing the quality of networking and business opportunities with the industry’s experts, making this an event not to be missed. Click here for more information and to book (5% discount for Credit Insurance News Readers with CIN15).
Levant Region Trade & Export Finance Conference. 6 December 2016, Beirut.
Building on its established reputation in the Middle East, GTR is delighted to announce that the Levant Region Trade & Export Finance Conference will take place in Beirut on December 6, 2016. As the only dedicated trade and export finance event in the region, the conference will offer delegates the chance to gain valuable insight into the opportunities available in this exciting market. Industry specialists from across the trade finance community, including local and international banks, financiers, leading corporates, lawyers, insurers and more, will provide timely updates and guidance on how to successfully conduct trade in the Levant region, creating an ideal forum for the market’s key players to meet and discuss plans for the future. Click here for more information and to book (5% discount for Credit Insurance News Readers with CIN15).
Supply Chain Finance Summit. 1-2 February 2017, Frankfurt.
Brought to you by BCR, the leading publishers in receivables finance, the Supply Chain Finance Summit brings you the latest trends transforming supply chain finance. The supply chain finance environment is rapidly changing. A price slump has created new working capital issues for suppliers in commodity focussed regions. De-risking and stimulating institutional investor appetite is increasingly on the agenda of forward thinking banks. Find out how these market shifts as well as pressures in the EU political landscape are re-shaping the SCF climate and creating new challenges and opportunities. Not only does the Supply Chain Finance Summit offer valuable networking opportunities, it is a fantastic environment to share expertise with your counterparts and build business relationships. BCR are delighted to offer Credit Insurance News members a 10% discount on booking in addition to the early bird booking discount which expires on 27th October 2016. Use code CIN17 and register now at
Receivables Finance International Convention, 15 - 16 March, London.
Over 150 receivables finance industry experts, government agencies, financiers, ‘Fintechs’ and alternative platforms, banks, insurers and corporates gathered in Lisbon at the 2016 Receivables Finance International Convention (‘RFIx’). In 2017 RFIX will be celebrating its 17th year in London and will continue to introduce attendees to new entrants to the market, update them on the latest regulation and compliance issues, evaluate new financing structures and much more. “RFIX is an excellent forum for sharing developments in receivables finance. I was especially pleased with how much the debates focused on the future of the industry.” Duncan Stevenson, Head of Legal, Fraud & Business Intelligence, RBS “Great initiative towards addressing industry issues through sharing of best practise.” Arup Roy, Head of Global Transaction Banking, Saudi Arabia British Bank BCR are delighted to offer Credit Insurance News members a 10% discount on booking in addition to the early bird booking discount which expires on 30th December 2016. Use code CIN17 and register now at
About this Issue's Sponsor: InfolinkGazette
InfolinkGazette was established in 2012 to collect and digitise all of the information available on UK Insolvencies, with the aim of helping Credit Insurance companies, Brokers and other Risk Management businesses find the optimum time to call commercial prospects and present their company's solution; the time when the prospect has the greatest propensity to purchase a Credit Insurance or Risk Management solution, which is shortly after the prospect has incurred an unsecured credit loss following one of their customers going out of business. 
Our subscribers' sales producers might have unsuccessfully prospected a potential client a week earlier, and then suddenly, following a letter from a liquidator, notifying them of their trade credit loss, the propensity to buy credit insurance changes overnight. 
During an average quarter, the InfolinkGazette data quality editors process over 2,500 insolvency files, with total unpaid/unsecured credit losses of approximately £1 billion, resulting from an average 45,000 ordinary unpaid trade creditors who have each lost an average of more than £20,000. 
The information is available via our website 24/7, with extensive search, viewing and download facilities; the database of over 0.7 million records, is increasing at the rate of almost 15,000 unsecured creditors per month, so we are constantly refreshing the supply of quality new business prospects for Credit & Risk Management professionals. 
 InfolinkGazette are part of Connell Data Ltd (CDL), a specialist commercial information provider of databases, such as: UK/IR Business Reference Files; Foreign Financial Institutions Operating in the Crown Dependencies, Deliberate Tax Defaulters and UK Listed Company Acquisitions.
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