Welcome to the July 2020 issue of Credit Management News Digest. This issue is sponsored by Markel.

UK Late Payment, Cashflow & Insolvencies
29 June: UK late payment crisis deepens through the lockdown. Research from the Federation of Small Businesses (FSB) shows that 62% of small UK firms have been hit by late payment as a result of COVID-19. The FSB's new report, ‘Late Again: How the Coronavirus pandemic is impacting payment terms for small firms’, found that only 10% of small businesses have agreed to changes to payment terms with clients, meaning the vast majority of this fresh wave of poor practice has not been formally signed-off by creditors or debtors. As a result, the FSB is calling for the fining of repeat offenders, prompt payment to be made a precondition of state bailouts, and for the launch of "the long-awaited" review of Prompt Payment Code. To read the FSB's news release go to https://www.fsb.org.uk/resources-page/23bn-late-payment-crisis-deepens-through-lockdown-new-report-finds.html.  
24 June: Nine in ten UK businesses are waiting to be paid an average of £148,917 for work done pre-lockdown. New research by MarketFinance has found that, with an average of £148,917 still owed to them since pre-lockdown in March 2020, the vast majority of UK businesses - 81% of the 891,000 analysed - are now expecting to wait longer to be paid. 50% anticipate waiting anywhere between 14-30 days beyond regular terms, and 15% believe they could be waiting anywhere between 3-6 months longer. The research also found that only 43% of businesses that applied for a UK government CBILS loan were successful in securing it. The typical loan taken by these businesses was £211,667, although many applied for almost double this amount. To read MarketFinance's news release go to https://blog.marketfinance.com/2020/06/24/uk-businesses-owed-133b-since-lockdown-urgent-need-for-funding-to-plug-cash-flow-gap/.
29 June: A sharp increase in UK insolvencies - but not straight away. InfolinkGazette has warned that the constraints put in place by the UK government to manage the pandemic will have a significant impact on profitability and cash flow for the majority of companies in the UK, and ultimately, this will lead to a sharp increase in insolvencies - but not necessarily straight away. Greg Connell, Managing Director of InfolinkGazette, commented: "It is likely that UK banks will demonstrate a degree of forbearance, creditors are generally less keen to force businesses into insolvency during a crisis that is likely to pass, and government stimulus measures have the potential to make a big difference." These measures will delay "the day of reckoning, in terms of rising insolvencies, at least until October or November 2020. To read InfolinkGazette's news release go to https://www.infolinkgazette.com/?pid=6
18 June: The UK's payment performance was close to the European average in 2019. Dun & Bradstreet and CRIBIS' latest analysis of trade credit payments in 2019, indicates that the UK's performance was, for the first time, close to the European average. The share of British companies paying on time reached 43.8% of the total (0.5% lower than European results). The research also found that the majority of companies (48.1%) paid, on average, between 1 and 30 days late, with bad payers accounting for only 3.7% of the sample analysed. The UK Agribusiness industry had the highest concentration of punctual payments (62%), while the industry with the most severely delinquent payers (more than 90 days past due) came from UK Retail. To download a copy of D&B's report go to https://www.dnb.co.uk/perspectives/finance-credit-risk/trade-credit-payments-study.html.
12 June: Calm before the storm? The UK sees a (temporary) drop in UK company insolvencies in May. New analysis from the UK's Insolvency Service has indicated that, in May 2020, there were a total of 944 company insolvencies in England and Wales. Overall, this was a decrease of 30% when compared to the same month last year, and was driven by a decrease in the number of compulsory liquidations in May 2020; a fall of 88%, when compared to May 2019, caused by the reduced operation of courts and tribunals during the UK lockdown. In late April, the UK Government also announced in that it would prohibit the use of statutory demands and certain winding-up petitions from 27 April to 30 June 2020. To see The Insolvency Services' analysis go to https://www.gov.uk/government/statistics/monthly-insolvency-statistics-may-2020.
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UK Trade Sectors & Exports
3 July: The UK high street has had its best month since lockdown. New figures from BDO have indicated that, as UK high streets reopened on 15 June and the British economy began its reboot, the high street saw its best result since before lockdown. According to BDO’s High Street Sales Tracker, total like-for-like sales, consisting of both in-store and non-store sales, declined by 14.4% in June from a base of +3.5% for the equivalent month last year. This result marks five straight months of negative like-for-like sales this year. However, thanks to the combined impact of non-essential retail reopening and strong online sales, June’s sales are the best since February. BDO also found that the accelerated shift to e-commerce continued as total non-store like-for-like sales rose by 102.6% from a base of 16.5% in June 2019, marking the third consecutive month where total non-store like-for-like sales recorded an increase above 100%. To read BDO's news release go to https://www.bdo.co.uk/en-gb/news/2020/high-street-sales-tracker-june-2020.
30 June: New data indicates the significant impact of Coronavius on UK imports and exports in April. Latest data from HMRC indicates that UK trade in goods fell very sharply in April. 
  • Total exports from England were £13.2 billion - a decrease of 30% compared to last month. Total imports to England were £19.6 billion - a reduction of 33% compared to March and 35% lower than in April 2019.
  • Welsh exports decreased by 38% to £0.8 billion. Imports were down by 19% to £1 billion.
  • Scottish exports decreased by 16% to £1.9 billion. Imports reduced by 20% to £1.5 billion.
  • Northern Irish exports decreased by 38% to £451 million. Imports were down by 20% to £477 million.
25 June: UK retailers reported another steep drop in sales in the year to June. The CBI's latest monthly Distributive Trades Survey has reported that UK retailers expect sales volumes to fall at a slightly faster pace in the year to July, mostly reflecting slower growth for grocers and a decline in sales for specialist food & drink retailers.
While 'non-essential' retailers were allowed to re-open from the 15th June, the balances for expected sales volumes in most of these sub-sectors remain extremely negative, with the vast majority of respondents expecting sales to be lower compared with July 2019. 62% of retailers cited a lack of demand from customers.
Meanwhile, growth in internet sales volumes picked up to a rate above the long-run average, with online sales rising at the fastest pace since October 2018. To read the CBI's news release go to https://www.cbi.org.uk/media-centre/articles/retailers-remain-pessimistic-over-near-term-outlook-cbi-survey/.
25 June: UK exports could see a hit of up to £50 billion as a result of the global economic slowdown. According to new research by PwC, UK exports could decline by around 6-8% in 2020 compared to last year, with future prospects dependent on the pace of global economic recovery as well as the type of trade agreement the UK strikes with the EU. PwC notes that the decline in trade activity as a result of the UK lockdown was primarily driven by a fall in services trade, while the biggest percentage fall in goods export volumes compared to the previous year was in manufacturing, machinery and transport equipment, and beverages and tobacco. To read PwC's news release go to https://www.pwc.co.uk/press-room/press-releases/uk-exports-likely-to-fall-by-around-6-8--due-to-covid-19-.html.
22 June: UK manufacturing activity sinks to a new low in June. According to the latest CBI monthly Industrial Trends Survey, UK manufacturer output volumes in the three months to June fell at the fastest rate ever recorded by the CBI (i.e. since July 1975). This slightly surpassed the previous record set in May 2020. Output volumes declined in 15 of 17 sub-sectors, with the headline drops in output primarily driven by the motor vehicles & transport equipment, mechanical engineering, and metal products sectors. Export orders also worsened compared to April, falling to their lowest on survey record (since April 1977). To read the CBI's news go to https://www.cbi.org.uk/media-centre/articles/manufacturing-activity-sinks-to-new-low-in-june/.  
UK Economy
7 July: UK GDP looks set to fall by almost 10% in 2020. The European Commission (EC) has advised that lockdown has led to a sharp slowdown in UK private consumption and business investment, as well as business activity in many UK sectors - particularly hospitality, construction, and arts and entertainment. The EC now predicts that UK GDP will contract by 9.75% in 2020 and, based on a technical assumption, grow by 6% in 2021. However, as the technical assumption implies a status quo for 2021 in terms of trading relations, with uncertainty about the UK-EU trading relationship, the EC cautions that the risks to the UK's forecast are predominantly to the downside. For more information, go to https://ec.europa.eu/info/sites/info/files/economy-finance/ip132_en.pdf.
1 July: UK economy endures historic setback.  The British Chambers of Commerce's (BCC) latest Quarterly Economic Survey has found that UK economic conditions deteriorated at an unprecedented rate in the second  quarter of 2020. Eleven of the fourteen key service sector indicators fell to their lowest level in the survey’s 31-year history. At the same time, the percentage balance of firms reporting increased domestic and export sales is now substantially lower than the worst quarter of the 2008-09 recession. Suren Thiru, Head of Economics at the BCC, said: “Our latest survey  highlights  the  extraordinary  contraction in UK economic activity in the second quarter.  The vast majority of indicators dropped to historic lows, with declines far exceeding those seen at the height of the global financial crisis." To see the BCC's press release go to https://www.britishchambers.org.uk/news/2020/07/bcc-quarterly-economic-survey-q2-2020-chancellor-must-set-out-roadmap-to-recovery-as-uk-economy-endures-historic-setback.
30 June: Q1 data indicates the largest fall in UK GDP since 1979. Latest data from the Office for National Statistics (ONS) has found that UK GDP fell by 2.2% in Q1 2020. This is a 0.2% downward revision from the first quarterly estimate, and the largest fall in UK GDP since Q3 1979 - when it also fell by 2.2%. The ONS notes that the decline primarily reflects the significant fall of output in March, with widespread monthly declines across the services, production and construction industries. In comparison with the same quarter a year ago, UK GDP fell by a revised 1.7%.
To read the ONS' news release go to https://www.ons.gov.uk/economy/grossdomesticproductgdp/bulletins/quarterlynationalaccounts/januarytomarch2020.
26 June: Two decades of economic growth in the UK have been "wiped out". Unlike the Bank of England’s recent forecast of a short V-shaped curve, RSM believes that the UK will experience a more protracted journey out of recession, which will reflect a curve more resembling the Nike swoosh. Joe Brusuelas, Chief Economist at RSM, said: "Lockdown, coupled with the biggest fiscal and monetary response since World War Two, wiped out almost two decades of economic growth in the UK. The resulting risks and uncertainty that have been created means that an elongated curve in the shape of the Nike Swoosh lasting approximately five years is likely." To read RSM's news release go to https://www.rsmuk.com/news/economic-risk-factors-too-great-to-rely-on-swift-recovery-predictions-says-rsm.   
15 June: UK economy is not expected to return to its Q4 2019 size until early 2023. The EY ITEM Club has further downgraded its GDP forecast for the UK economy this year and is now predicting an 8% contraction for 2020 compared to the 6.8% fall it predicted in April. The EY ITEM Club has also downgraded its Q2 2020 forecast from a 13% contraction to a record 15%. The gloomier forecast figures reflect a poor economic performance in April due to the lockdown and deeper- -than-expected contraction in Q1. Positively, the EY ITEM Club now predicts year-on-year GDP growth of 5.6% in 2021, up from the 4.5% expected in its previous forecast. The report warns, however, that the UK economy is still not expected to return to its Q4 2019 size until early 2023. To read EY's news release go to https://www.ey.com/en_uk/news/2020/06/record-gdp-contraction-forecast-for-q2-2020-but-economic-recovery-in-sight-for-next-year-says-new-ey-item-club-forecast.    
Global Economy
7 July: An even deeper EU recession is now forecast. The European Commission (EC) has advised that a string of indicators suggests that the euro area economy has operated at between 25% to 30% below its capacity during the period of the strictest confinement due to Coronavirus. As a result, it now predicts that the Euro area economy will contract by 8.7% in 2020 (significantly more than previous forecasts) and grow by 6.1% in 2021. The EC also notes that although the UK is forecast to see a GDP decrease of 9.75% in 2020, Spain, France and Italy are forecast to see more substantial contractions of 10.6%, 10.9%, and 11.2% respectively. Germany and Finland (6.3% contraction), Malta (6% contraction), and Luxembourg (6.2% contraction) are the best performing Euro area economies. For more information, go to https://ec.europa.eu/info/sites/info/files/economy-finance/ip132_en.pdf.  
29 June: Nearly half of global startups have seen their revenue drop by 40% or more due to the pandemic. According to Atlas VPN investigation, over 7 in 10 startups have seen their income drop since the start of the pandemic, with as many as 4 in 10 seeing a decline in revenue of 40%+, 18% experiencing reductions of 61-99%, and 7% losing all their customers. Businesses in different continents were affected to varying extents, with startups in Asia hit the worst, followed by new companies in Africa. Startups based in Oceania and Europe held up best to the pandemic. To read Atlas VPN's report go to https://atlasvpn.com/blog/nearly-half-of-startups-saw-their-revenue-drop-by-40-or-more-amid-covid-19-pandemic.
24 June: A deeper global recession in 2020 and a slower recovery in 2021. The IMF has advised that, compared to its April World Economic Outlook forecast, it is projecting a deeper global recession in 2020 and a slower recovery in 2021. Global output is now expected to decline by 4.9% in 2020 - 1.9% below April's forecast, followed by partial recovery (5.4% growth) in 2021. The IMF notes that these projections imply a cumulative loss to the global economy of over US$12 trillion over the course of two years (2020–21). The IMF also notes that it anticipates a synchronised deep downturn in 2020 for both advanced economies (-8%) and emerging market and developing economies (-3%; -5% if excluding China). Overall, over 95% of countries expected to have negative per capita income growth in 2020. To read the IMF's blog go to https://blogs.imf.org/2020/06/24/reopening-from-the-great-lockdown-uneven-and-uncertain-recovery/.  
22 June: World trade falls steeply in the first half of 2020. The World Trade Organisation (WTO) has reported that the volume of merchandise trade shrank by 3% year‑on‑year in Q1 2020, and initial estimates for Q2 indicate a year‑on‑year drop of around 18.5%. The WTO notes that these declines are historically large, but could have been much worse. Looking ahead, the WTO's trade forecast (published in April) sets out two plausible paths: a relatively optimistic scenario in which the volume of world merchandise trade in 2020 would contract by 13%, and a pessimistic scenario in which trade would fall by 32%. As things currently stand, the WTO notes that trade would only need to grow by 2.5% per quarter for the remainder of the year to meet the optimistic projection. To read the WTO's news release go to https://www.wto.org/english/news_e/pres20_e/pr858_e.htm.
11 June: The G20 area sees a record fall in GDP in Q1 2020. The OECD has advised that, following the introduction of COVID-19 containment measures across the world, GDP in the G20 area fell by 3.4% in Q1 2020. This is the largest contraction since the time series started in 1998. As a comparison, GDP fell by only 1.5% in Q1 2009 - at the height of the financial crisis. Among G20 economies, those that introduced stringent lockdowns measures earliest saw the largest contractions in GDP in the first quarter: China (by -9.8%), France (-5.3%), and Italy (also -5.3%). GDP also fell sharply in Germany (-2.2%), Canada (-2.1%), and the UK (-2.0%). To read the OECD's news release go to http://www.oecd.org/newsroom/g20-gdp-growth-first-quarter-2020-oecd.htm.
Credit Management News
26 June: Corporate Insolvency and Governance Act introduces the biggest reforms to the UK's corporate insolvency framework for almost twenty years. R3 has reported that key organisations across the UK insolvency and restructuring framework have welcomed the passing of the Corporate Insolvency and Governance Act into law. R3 notes that the Act introduces the most significant reforms to the UK's corporate insolvency framework for almost twenty years and makes a series of temporary changes to the corporate governance requirements for companies and other entities. In particular, a new business rescue moratorium and restructuring plan are designed to give companies the breathing space and tools required to maximise their chance of survival - measures that the profession has been campaigning in favour of for several years. To read R3's news release go to https://www.r3.org.uk/press-policy-and-research/news/more/29452/page/1//
22 June: Top 15 US industries getting paid severely late in Q1 2020. Dun & Bradstreet and the Credit Research Foundation have partnered to create a new analysis which lists more than 220 US industries by SIC code, along with the percentage of Dun & Bradstreet reporting companies that are current on payments. The Q1 2020 report data is presented in 15 different industry segments: Agriculture, Chemicals, Construction, Consumer Goods, Energy and Utilities, Food, Machinery, Metals and Mining, Manufacturing, Retail, Professional and Business Services, Technology and Electronics, Transportation, Wholesale, and Wood and Paper. To download the report go to https://www.dnb.co.uk/content/dam/english/dnb-data-insight/AR_and_DSO_Industry_Report_Q1_2020.pdf.
19 June: The Chartered Institute of Credit Management (CICM) announces its new Chief Executive. The Chartered Institute of Credit Management (CICM) has announced that Sue Chapple has succeeded Philip King as its Chief Executive. Ms Chappal, who joined the CICM as Director of Strategic Relationships in 2018, has been interim CEO since Mr King's departure to become interim Small Business Commissioner in March. She has worked at a senior level in the industry for more than 25 years, with particular knowledge and experience of the Public Sector and Utilities. She was previously Head of Revenue Management at EDF Energy and a Director of the debt market integrator Indesser - a joint venture between the Cabinet Office and the TDX Group. To read CICM's news release go to https://www.cicm.com/sue-chapple-appointed-new-ceo-professional-credit-management-body/.  
Events & Offers
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. 
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.
 TXF Global 2020: Export, Agency & Project Finance, 29-30 September. Madrid.
The global export, agency & project finance games return for 2020! Join TXF on 28-29 September in Madrid for the largest gathering of its kind with a vision to taking your network further than ever before.
With the CEOs of EKF, MIGA, US EXIM and more already in training for the Olympic games, along with 1000 of the industry’s key players, quite simply, this is the event you cannot afford to miss.
Packing the mightiest of punches, TXF Global will again combine keynote addresses from CEOs and state ministers outlining the future of industry, sustainability and digitisation, as well as infrastructure and project roadmaps. Mixed with detailed technical workshops, lively debate forums and regional roundtables TXF Global allows for an intimate networking environment like no other.
As a Credit Insurance News member, get an exclusive 15% off the standard ticket price using code: LETTHEGAMESBEGIN on the booking page.
Visit the website to find out more.
Digital Credit Management Conference, 1 October 2020.
We cordially invite you to our SCHUMANN Conference 2020. We look forward to meeting you and bringing you together with other experts, partners and current topics relating to credit risk management and insurance solutions.
This year everything is different. Everyone is having to do things in new ways and we are happy to take on this challenge. This year's SCHUMANN Conference will be a virtual conference, a digital meet & greet. But some things will remain the same: the virtual conference will offer valuable information and fascinating ideas. Divided into tracks, the following themes will be discussed online in panel discussions, talks and webinars:
  • Risk evaluation in times of the current crisis,
  • Receivables management & liquidity planning, 
  • Technology & Innovation, 
  • Compliance.
Our conference will provide you with the decisive information advantage to continue to master the crisis safely. Make your business secure for the long term!
Registration is free of charge.
To view the agenda and register please follow this link: https://www.prof-schumann.com/company/schumann- conference.
If you need any further information please contact Theresa Müller-Buchmann (t.mueller-buchmann@prof- schumann.de).
GTR East Africa 2020, 1-2 October. Nairobi. 
GTR East Africa marks its 11th annual conference in Nairobi, Kenya in October 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, 28 October 2020. Chicago.  
GTR US 2020 will return to Chicago for its fourth year in October 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. 
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 UK 2020. 2 November. London.
GTR UK 2020 will take place in London in November, 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 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. 
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.
Professional Training
New Stecis’ courses in Trade Credit Insurance and Surety.
End of September – start of October 2020.
After having cancelled all April courses in 2020, Stecis’ pics up the pieces again end of September. All classroom courses in various levels of Credit Insurance and Surety are led by professionals from the industry. The courses are meant for starting and experienced professionals who are working in the Trade Credit Insurance and Surety industry and for all other interested parties like reinsurers, brokers and lawyers. There are courses on offer that will cater for the level of knowledge you are looking. Also it is a perfect way to enhance your network within the industry. So please check the course descriptions and course dates on our website www.stecis.org – where you are able to register for the Stecis’ courses.
About the Sponsor: Markel
Credit is vital to the commercial world. Markel’s global solutions promote trade by ensuring that buyers and sellers can do business with confidence. We offer a wealth of experience in trade credit, political risk and surety covers, to control counterparty payment default, expropriation, confiscation and performance risks. 
Markel's team offers expert knowledge of commercial counterparty and sovereign covers across a wide spectrum of trade sectors. The key benefits for clients include security of non-cancellable credit and country limits, balance sheet and cash flow protection, improved terms for bank financing facilities, effective alternatives to letters of credit or other types of collateral, reduced need for bad debt reserves, fulfilment of capital adequacy requirements, increased potential for sales growth and security of performance obligations - all because the risks are hedged and secured on a firm foundation. 
The team has extensive experience of providing global solutions for clients, but can also tailor policies for specific credit risks, markets and contingencies. As a result of the complexity of our clients’ risks spanning political, cultural, legal and social differences, it is crucial to choose an insurer who understands all of the facets of international and domestic trade, combined with a detailed understanding of available solutions across a variety of contexts and geographies.
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