Welcome to the November 2021 issue of Credit Management News Digest. This issue is sponsored by Tokio Marine HCC.

PLUS:   Our predictions for the evolving risk landscape  By Ray Massey, Director of Underwriting — Credit, Tokio Marine HCC 
UK Late Payment, Business Distress & Insolvencies
Toxic debt increased by £1.9 trillion in 2020. New data from Begbies Traynor Group has found that UK corporate debt soared by £1.9 trillion to £6.6 trillion in 2020, and 52% of UK businesses are "now saddled with toxic debt" that may never be repaid. Begbies Traynor also expects that the repercussions of these ‘toxic debts’ will be exacerbated by many creditors calling them in from September when courts reopened. Brendan Clarkson, Director of National Creditor Services at Begbies Traynor, said: "there is likely to be a scramble from September for creditors to seek payments from lendees. After all, the longer they do not have payment, the longer they themselves are at risk of transforming into ‘zombie’ businesses racked with debt and trying to gather income to service that debt." To read Begbies Traynor's news release go to https://www.begbies-traynorgroup.com/news/business-health-statistics/toxic-debt-held-by-52-of-all-businesses-as-money-owed-increased-by-1.9tn-in-2020.
Tackling late payments to small to medium-sized businesses is crucial to economic recovery. According to new research by Know-it, UK SMEs are currently owed £61 billion in late payments (a 20% increase compared to this time last year), and over 50,000 UK businesses cease trading every year due to this issue. Know-it also notes that a study by YouGov of UK businesses with up to 49 employees, found that 68% of the 500 businesses surveyed regularly experience late payments. That equates to four million businesses (and 1.7 million VAT-registered businesses) "struggling to get paid for products and services they’ve delivered." Know-it adds: "there’s no doubt that the pandemic has made this dire situation worse, with increased levels of debt, reduced cashflows and some larger organisations looking to retain cash themselves — even freezing payments for some small suppliers." To read Know-it's news release go to https://know-it.co.uk/news/tackling-late-payments-to-small-to-medium-sized-businesses-crucial-to-economic-recovery-gordon-merrylees/.
562,000 UK businesses are in financial distress. New research by Begbies Traynor has found that despite the Q3 improvement in the financial performance of businesses, the numbers of significantly distressed companies (562,000) is still 15% higher than pre-pandemic. In the past quarter, there has also been a 17% rise (to 1,668) in critically distressed businesses. Support Services (87,694), Construction (72,465) and Real Estate & Property (70,552) are the most distressed sectors. The research also notes that there has been a 139% uplift (to 21,769) in CCJs in the past year and cautions that CCJ’s are often a bellwether for future insolvency. Julie Palmer, Partner at Begbies Traynor, commented: "The UK economy — which remains one large recession short of its pre-COVID trajectory — is quickly recovering. However, it may prove to be transitory as rising CCJ figures are a cause for real concern." To read Begbies Traynor's news release go to https://www.begbies-traynorgroup.com/news/business-health-statistics/562000-uk-business-facing-financial-distress-in-q3-2021-with-dramatic-rise-in-court-action-fuelling-insolvency-concerns.
Late payment debt is as high as £200,000 for 19% of UK SMEs. New data from Time Finance reveals that 70% of UK businesses are suffering from late payments from their customers with late payment debt as high as £200,000 for 1 in 5 business owners. The findings come despite the UK Government introducing a Prompt Payment Code which was put in place to ensure small businesses receive payment for 95% of their invoices within 30 days from customers who are signed up to the pledge. 72% of business owners told Time Finance they were unsure Prompt Payment Code goes far enough to tackle the late payment culture, and of the 16% who said it doesn't go far enough, almost two-thirds put this down to a lack of enforceability. Phil Chesham, Head of Invoice Finance at Time Finance, commented: "We have always known that the UK's late payment culture is a huge threat to businesses, but our survey has shed light on the true scale of the issue, and it appears to be getting worse." To read Time Finance's news release go to https://timefinance.com/press-releases/late-payment-debt-as-high-as-200000-for-1-in-5-smes.
The number of UK corporate insolvencies is about to erupt. The latest Insolvency statistics released by the UK Government show that the number of registered company insolvencies in September 2021 was 56% higher than September last year. This is the largest number of company insolvencies since before the pandemic began, with the number of insolvencies now just 4% lower than the number registered in September 2019. However, according to an analysis by Darcey Quigley & Co, this figure is about to increase dramatically, with a "perfect storm" of different factors that will push struggling businesses "over the edge." This includes the lifting of the temporary ban on winding up petitions, the removal of fiscal support from the Government and supply chain bottlenecks, as well as the backlog of “normal run-rate” insolvencies from Q2 and Q3 2020 "that will only begin to hit now." To read Darcey Quigley & Co's news release go to https://www.darceyquigley.co.uk/corporate-insolvencies-are-rising/.
Corporate insolvencies increased by 55.8% in September 2021 compared to September 2020. The Insolvency Service's latest September 2021 corporate insolvency statistics for England and Wales found that corporate insolvencies increased by 7.2% (to 1446) in September 2021 compared to August's figure, and increased by 55.8% compared to September 2020's figure of 928. The increase was driven by a rise in Creditors' Voluntary Liquidations, which increased for the third consecutive month, suggesting that directors are choosing to close their businesses after deeming their financial survival unlikely. Nicky Fisher, Deputy Vice President of R3, commented: "The dramatic increase in corporate insolvencies compared to this time last year — to the highest level since January 2020 — illustrates just how crucial the Government's support has been in keeping businesses afloat and suggests that there may be a rocky road ahead for the business community now it has ended." To read R3's news release go to https://www.r3.org.uk/press-policy-and-research/news/more/30035/r3-responds-to-september-2021-insolvency-figures/.
UK company insolvencies in Q3 2021 were 43% higher than in Q3 2020. Latest data from the Insolvency Service has indicated that, after seasonal adjustment, in Q3 2021 the number of company insolvencies was 17% higher than in Q2 and 43% higher than in Q3 2020. This was driven by an increase in creditors’ voluntary liquidations (CVLs) to the highest quarterly level since Q2 2009. One in 341 active companies entered liquidation between 1 October 2020 and 30 September 2021. During Q3 2021, there were 3,765 (seasonally adjusted) registered company insolvencies, comprising 3,471 CVLs, 105 compulsory liquidations, 169 administrations, and 20 company voluntary arrangements. There were no receivership appointments. To read the Insolvency Services' news release go to https://www.gov.uk/government/statistics/company-insolvency-statistics-july-to-september-2021/commentary-company-insolvency-statistics-july-to-september-2021.
Supply chain issues and rising costs drive profit warnings of UK listed companies back to pre-pandemic levels. According to EY-Parthenon's latest Profit Warnings report, the number of profit warnings issued by UK listed companies rose to 51 in Q3 2021 up 19 from in Q2. The report also noted that whilst a post-pandemic demand surge boosted sales for many businesses over the summer months, it has also exposed vulnerabilities in supply chains and energy and labour markets, with 43% citing these pressures as the reason for their profits warning. Businesses with annual turnover of under £100 million issued 50% of the profit warnings in Q3, and almost 60% of the warnings were from AIM-listed companies. Alan Hudson, EY-Parthenon Partner and UK&I Turnaround and Restructuring Strategy Leader, said: "Government support has mitigated the impact of massive changes in the UK economy. These measures have now come to an end and the remainder of the year will reveal those surviving on life support." To read EY's news release go to https://www.ey.com/en_uk/news/2021/10/supply-chain-issues-and-rising-costs-drive-profit-warnings-of-uk-listed-companies-back-to-pre-pandemic-levels.
UK Economy & Trade Sectors
The UK economy is emerging from the worst of the pandemic "bearing lighter scars" than feared. The Office for Budget Responsibility (OBR) has published its latest Economic and Fiscal Outlook — October 2021, and has advised that its analysis suggests that the first wave of the pandemic led to a 25% fall in UK GDP from January 2020 to its trough in April, followed by a strong but fitful recovery over the remainder of last year. The OBR also notes that although its March forecast predicted that the January 2021 UK lockdown would cause output to fall by 3.8% in Q1, output actually fell by 1.4% and is now expected to grow by 6.5% in 2021 (2.4% faster than predicted in March). Richard Hughes, Chairman of the OBR, commented: "the UK economy seems to have emerged from the worst of the pandemic bearing lighter scars than we initially feared." To read the OBR's report, chairman's report and video go to https://obr.uk/the-chairmans-presentation-on-our-latest-economic-and-fiscal-forecast-5/.
UK Economic Outlook Autumn 2021: Recovery: stalling not soaring. The National Institute of Economic and Social Research (NIESR) has predicted that the next few months will bring stuttering growth, rising inflation and widening income inequalities to the UK economy, and forecasts that UK GDP will grow by 6.9% in 2021, followed by 4.7% in 2022. NIESR Interim Deputy Director for Macroeconomics, Paul Mortimer-Lee, said: "A squeeze on real incomes for workers and those on Universal Credit will slow economic growth next year, with the adverse effects on consumption offset by lower savings. Meanwhile, inflation is set to peak around 5%, forcing a reluctant Bank of England to raise interest rates, albeit grudgingly. The risks are skewed to the upside on inflation and the downside on growth." To read NIESR's news release go to https://www.niesr.ac.uk/media/niesr-press-release-squeeze-household-incomes-lead-doubling-destitution-niesrs-latest-uk.
UK business output growth slows for the sixth consecutive month. According to the latest Business Trends report from BDO, UK business output growth across the UK has slowed for the sixth consecutive month — bringing it to the lowest overall level since March. The Output Index, which provides a comprehensive snapshot of output in the manufacturing and services sectors by weighting macroeconomic data from the UK’s main business surveys, decreased from 105.23 points in September to 103.35 in October. Declines were seen across both manufacturing and services, which fell to their lowest respective levels since March. Manufacturing output growth, which has been particularly badly impacted by supply chain disruption, fell by 2.09 points to hit 97.03 in October — edging closer to the 95-mark which separates growth and decline. To read BDO's news release go to https://www.bdo.co.uk/en-gb/news/2021/business-output-growth-slows-as-labour-shortages-and-energy-prices-hit-businesses.
The recovery in UK export sales "largely stalled" in Q3. A survey of UK exporters by the British Chambers of Commerce (BCC) has revealed that the recovery in export sales largely stalled in Q3. The proportion of firms reporting increased sales rose only three points (to 30%) from Q2 (27%), whilst the proportion reporting decreased sales fell by just two points (Q3:26%, Q2: 28%). Respondents cited issues arising from the supply chain crisis, as well as Brexit related problems, as the main causes of difficulties. Some said that they had ceased exporting to the EU altogether due to issues such as red tape and delays at borders. Respondents also pointed to the surging cost of shipping as a serious issue, with one firm noting a single container from China rose in cost from £2100 in the previous year to £15000, as well as the shortage of lorry drivers as impacting export sales. To read the BCC's news release go to https://www.britishchambers.org.uk/news/2021/10/export-recovery-remains-flat-amid-disruption-to-supply-chains.
The US accounted for a fifth of UK exports in 2020. The Department for International Trade has published its latest Trade and Investment Core Statistics Book which advises that the value of UK exports was £601.0 billion in 2020 — down 14.1% on 2019's figure. This reflects decreases in goods and services exports of 17.0% and 10.7%, respectively. The study also notes that the relative importance of the EU as an export market has declined over the last decade; for example, in 2020, the share of UK exports going to the EU was 41.8% compared to 47.3% in 2010. In 2020, the UK’s largest export market in 2020 was the US (including Puerto Rico), accounting for around a fifth (20.8%) of total UK exports, followed by Germany (8.5%), Ireland (6.0%), and the Netherlands (5.9%). To download the Core Statistics Book go to https://www.gov.uk/government/statistics/trade-and-investment-core-statistics-book.
UK retail health during the crucial Christmas period is expected to be flat. The latest retail health assessment by KPMG/Ipsos Retail Think Tank analysts warns that despite expectations of "bonanza consumer spending at Christmas", retail growth in Q4 2021 is expected to be flat. Furthermore, as rising costs are likely to outweigh demand, retailers will also have to work harder maintain profitability. Paul Martin, Head of Retail at KPMG in the UK, cautioned: "So far, retailers have been able to protect consumers from rising costs, but that is not sustainable in the longer term. We are already seeing a few profit warnings in the market, and this is likely to continue after Christmas, with rising insolvency levels also expected as Government support tapers off and costs continue to bite." To read KPMG's news release go to https://home.kpmg/uk/en/home/media/press-releases/2021/10/retailers-face-tough-christmas-as-rising-costs-offset-strong-consumer-demand-warns-retail-think-tank.html.
UK retail vacancy rates plateau but remain at a record high. According to a new analysis by the British Retail Consortium (BRC), in Q3 2021 the overall UK vacancy rate remained at 14.5% — the same level as Q2 — and was 1.3% higher than at the same point in 2020. No locations saw an increase in vacancies. Helen Dickinson, Chief Executive of the BRC, said: "While this is the first time in over three years vacancy rates have not risen, they still remain at a record high. Retail parks remain resilient as the only location type that saw vacancies fall this quarter. This is because many brands who have traditionally occupied shopping centres and high streets are opening stores in out-of-town locations to meet customer demand, and retail parks have become increasingly vital for supporting the expanding online services of some businesses. Meanwhile, 10% of high street shops and more than 13% of retail units in shopping centres have remained empty for over a year." To read the BRC's news release go to https://brc.org.uk/news/corporate-affairs/vacancy-rate-plateaus/.
UK retailers enjoy strong growth in October. According to BDO’s latest High Street Sales Tracker, total like-for-like (LFL) sales, combined in-store and online, increased by +19.9% in October from a base of +1.6% for the equivalent month last year. Overall, fashion saw the biggest growth with total LFL sales increasing by +36.8% for the month, from a base of -4.8% for the same time last year. Total LFL sales in the lifestyle sector also increased by +10.0% in October, from a base of +6.1% for the equivalent month last year. This is the eighth month of positive total like-for-like sales for the lifestyle sector; however, it represents a lower rate of growth than last month. Homeware total LFL sales rose by just +0.7% in October but from an impressive base of +21.6% for the same month last year. To read BDO's news release go to https://www.bdo.co.uk/en-gb/news/2021/retailers-enjoy-strong-growth-in-october-but-outlook-for-christmas-remains-very-uncertain.
Average October for UK retail sales, but record low stocks. According to the latest monthly CBI Distributive Trades Survey, UK retail sales were seen as broadly average for the time of year in October, while stock adequacy reached a new survey record low (since 1985). The survey also found that growth in retail sales and orders accelerated in the year to October, compared with the year to September. However, this pick-up may partly reflect a comparison with October 2020, when sales and orders both declined amid rising COVID-19 cases and a tightening of social restrictions. Ben Jones, CBI Principal Economist, said: "The UK’s economic recovery has been pretty bumpy lately and the same seems true of the retail sector. Sales performance has jumped around in recent months, while stock shortages continue to bite." To read the CBI's news release go to https://www.cbi.org.uk/media-centre/articles/average-october-for-retail-sales-but-record-low-stocks/.
European & Global Economy 
World economic growth is set to slow. The National Institute of Economic and Social Research (NIESR) has predicted that global economic growth will be 5.8% in 2021, with a slowdown in 2022 (4.3%) and a further one in 2023 (3.7%). In addition, it has downgraded its forecast for the US economy, which is now projected to grow by 5.8% this year and 3.7% next year, and warned that supply constraints are affecting Euro Area growth prospects. However, Euro Area GDP growth is now forecast at 4.8% this year – thanks to the expected rebound in some large economies such as France, Spain, and Italy – and 4% in 2022. Corrado Macchiarelli, NIESR's Manager for Global Macroeconomics Research, said: "The global economy is still recovering from the pandemic shock, but at a slower pace than we expected three months ago due to new strains of the virus and severe supply-chain disruptions that are contributing to an escalation in inflation." To read NIESR's news release go to https://www.niesr.ac.uk/media/niesr-press-release-world-economic-growth-set-slow-niesrs-latest-global-economic-forecasts.
Supply chain and inflation headwinds hamper the global recovery. Coface latest Barometer has advised that in light of the continued recovery, it has upgraded its risk assessments for 26 countries (including Germany, France, Italy, Spain, Switzerland and Belgium) and made 30 sectoral assessment upgrades. However, Coface also warns that there are accumulating signs that the global recovery is losing momentum despite the positive outlook. Pandemic outbreaks in critical supply chain links have resulted in supply disruptions that are starting to affect manufacturers' production and sales across the globe. At the same time, labour shortages, inflation, and the threat of COVID-19 add to the list of risks and uncertainties. The Barometer also notes that China's economy showed signs of a slowdown heading into the 2nd half of 2021. with growth in the third quarter up by 4.9% from a year ago — the slowest pace since the third quarter of 2020 — and China's economy looking set to grow by 7.5% this year. To read Coface's Barometer go to https://www.coface.com/News-Publications/News/Barometer-Q3-2021-Supply-chain-and-inflation-headwinds-hamper-the-global-recovery.
The global recovery is "hobbled" by the pandemic. In its October World Economic Outlook (WEO), the IMF estimated that GDP will increase by 5.9% this year — 0.1% lower than its prediction in its WEO report in July. However, this modest headline revision masks large downgrades for some countries, with the outlook for the low-income developing country group having "darkened considerably" due to worsening pandemic dynamics. The downgrade also reflects more difficult near-term prospects for the advanced economy group, in part due to supply disruptions. In a blog, IMF Chief Economist Gita Gopinath, commented: "The global recovery continues but momentum has weakened, hobbled by the pandemic." For 2022, the IMF has retained its global growth estimate of 4.9% and has predicted that global GPD is likely to moderate at around 3.3% over the medium-term." To read the IMF's WEO go to https://www.imf.org/en/Publications/WEO/Issues/2021/10/12/world-economic-outlook-october-2021.
Global supply chains: multiple factors mean disruptions could last until 2023. Credendo has warned that current disruptions to global supply chains, rather than a temporary phenomenon arising out of COVID-19, are likely to continue in 2022, and any new setback could prolong issues until 2023. However, while supply chain disruptions could cap the ongoing economic recovery, they are unlikely to stop it, as other factors such as large infrastructure plans in the US, the Next Generation EU fund and strong demand are most likely to offset the impacts of supply chain bottlenecks. Credendo also notes that the pandemic has revealed some of the limitations of the traditional just-in-time supply chain model of suppliers in different countries, encouraging a transition to regional supply chains and production capacities. "Entire sectors could restructure (e.g. retail, automotive, aerospace)" leading, in the medium to long term, to a large scale reallocation of capital and labour. To read Credendo's news release go to https://credendo.com/en/knowledge-hub/global-supply-chains-multiple-factors-mean-disruptions-could-last-until-2023.
Q3 GDP grew by 2.2% in the euro area, with all countries seeing positive growth. According to a preliminary flash estimate published by Eurostat, in Q3 2021, seasonally adjusted GDP increased by 2.2% in the euro area and by 2.1% in the EU, compared with the previous quarter. In the second quarter of 2021, GDP had grown by 2.1% in the euro area and 2.0% in the EU. Compared with the same quarter of the previous year, seasonally adjusted GDP increased by 3.7% in the euro area and by 3.9% in the EU.  Among the Member States for which data are available, Austria (+3.3%) recorded the highest increase compared to the previous quarter, followed by France (+3.0%) and Portugal (+2.9%). The lowest growth was recorded in Latvia (+0.3%) and GDP was stable in Lithuania (0.0%). The year on year growth rates were positive for all countries. To read Eurostat's news release go to https://ec.europa.eu/eurostat/documents/2995521/11563347/2-29102021-BP-EN.pdf/e8d47562-a783-9b7c-c1f6-0241602abbd9.
Credit Management News & Tools
The UK's Small Business Commissioner asks UK businesses to complete a late payments survey. The Office of the Small Business Commissioner has launched a survey with a view to changing the culture of late payments in the UK. Questions posed include how clients ought to improve their payment practices, if clients think of payments ethically, or if payments are regarded as "purely a financial matter." The deadline for responding is 15 December 2021. To complete the survey (just seven questions) go to https://beisgovuk.citizenspace.com/business-growth/sbc-late-payments-survey/.
UK Small Business Statistics in 2021. The FSB has published an overview of UK SMEs in 2021. The research finds that:
  • UK SMEs account for 99.9% of the business population (5.6 million businesses), 61% of the employment and 52% (£2.3 trillion) of turnover in the UK private sector.
  • The UK private sector business population is made up of 3.2 million sole proprietorships (56% of the total), 2 million actively trading companies (37%) and 384,000 ordinary partnerships (7%)in 2021. 
  • Between 2020 and 2021, the total business population decreased by 390,000 (6.5%). 
  • 16% of all SMEs operate in Construction, while Professional, Scientific and Technical Activities account for 15% of all SMEs. 10% are in the Wholesale and Retail Trade and Repair sector. 
  • London (1 million) and the South East (875,000) have the most private sector businesses, accounting for 34% of the UK business population, while the North East had 154,000 private sector businesses — the least of any English region. 
  • Between 2020 and 2021 the number of private sector businesses decreased by 336,000 (6%) in England, compared to 28,000 (8%) in Scotland, 25,000 (17%) in Northern Ireland and 1,000 (1%) in Wales.
To see the FSB's research go to https://www.fsb.org.uk/uk-small-business-statistics.html.
How much compensation can you claim for unpaid invoices? The UK Small Business Commissioner's website has published a useful and easy to use calculator to allow UK businesses to calculate interest on an unpaid invoice by entering the invoice's due date and amount. For example, for an unpaid debt of £100 due on 30 June 2020, the amount owing as of 8 November would be £142.62 (£2.62 in interest overdue, £40 in compensation). Compensation is £40 for invoices under £1000, £70 for invoices under £10,000 and £100 for invoices above £10,000. Compensation can be charged for each overdue invoice due from a debtor. To see the calculator go to https://www.smallbusinesscommissioner.gov.uk/deal-with-an-unpaid-invoice/how-to-chase-an-unpaid-invoice/interest-calculator/.
New edition of Trade Profiles publication. The World Trade Organisation (WTO) has issued the latest edition of its statistical publication, Trade Profiles, an annual publication which provides a concise series of key indicators on merchandise trade and trade in commercial services for 197 economies (presented in alphabetical order). A two-page analysis provides a snapshot of the importance of trade in each economy, as well as its ranking in world merchandise trade and a breakdown of its exports and imports and main trading partners. The publication can be downloaded in English, French, and Spanish. To download a copy go to https://www.wto.org/english/news_e/news21_e/publ_11oct21_e.htm.
Events & Professional Development
GTR Asia, 16-18 November. Virtual. 
GTR Asia, the world’s largest trade finance gathering, returns in virtual form for 2021 on November 16-18, offering the opportunity to hear critical market insights and benefit from the unparalleled expertise of established trade leaders.
Encompassing the key aspects of the live conference experience in a digital format, GTR Asia 2021 will retain GTR’s core focus on networking, collaboration and knowledge sharing, offering an unrivalled delegate mix incorporating corporates, traders, banks, insurers, lawyers, fintechs, non-bank financiers, government agencies and investors.
Whilst we hope to return to Singapore in-person for 2022, this year’s event provides a highly anticipated opportunity to connect with all corners of the market for those involved in Asian trade, with a full exhibition and extensive programme covering the latest developments and rapidly changing dynamics.
“A great opportunity to connect with delegates and hear the latest trade and trade technology developments.” J Ellwood-Russell, Simmons and Simmons"
To view the agenda for this year's event go to https://www.gtreview.com/wp-content/uploads/2020/11/GTR-Asia-2021-Virtual_Guide_Nov02.pdf.
For a free, virtual pass to attend this year's event go to https://www.gtreview.com/events/virtual/gtr-asia-2021/#tab_book.
BCR’s Alternative & Receivables Finance Forum, 18 November. London.
Businesses are adapting to changing global trade patterns and facing challenges of maintaining competitive and sustainable supply chains, while continuing to optimise their costs and cashflow. They are constantly looking for new technology-enabled funding models that have potential to help companies to adapt to geopolitical shifts, the rapid growth of eCommerce and the fallout from the Covid-19 pandemic. The Alternative & Receivables Finance Forum is a timely opportunity for receivables finance providers and ‘alternative’ SME funders to identify openings of this new trade era, address the choices SMEs are making to fill financial gaps, learn from the top industry players how the receivables finance sector is rebuilding and expanding after Covid. Join #ARF21 by booking your ticket at https://bcrpub.com/events/alternative-and-receivables-finance-2021. Professional Development.
GTR Nordics, 25 November. Stockholm.
Global Trade Review is delighted to announce that GTR Nordics will be returning to Stockholm as an in-person event, taking place on November 25, 2021. Following hot on the heels of COP26, GTR will once again provide the region’s leading trade gathering, bringing together a host of financing experts and innovators to plot a path for Nordic industry and commerce. Exploring the latest initiatives taking steps toward a carbon neutral future, an in-depth agenda will address the regulatory, efficiency and profitability challenges facing the Nordic trade and export financing sectors in the here and now, and pinpoint emerging business opportunities as the global economy sets sights on sustainable post-pandemic growth.
This hugely anticipated in-person event promises unparalleled networking opportunities with the sector’s most prominent experts, all within a Covid-safe environment in-line with the latest government regulations. For those seeking to catch up with old friends and forge fresh connections while gaining practical insights into the future of Nordic trade, export & ECA and supply chain financing, this event is not to be missed! 
Click here for more information.
Readers of Credit Insurance News' publications can receive a 10% booking discount, use code EBD10.
Stecis is getting back on track with Webinars, Classroom courses and Masterclasses.
As we all hope that the Covid-19 pandemic is under control after the summer, STECIS has planned again a number of classroom courses in November 2021. For Trade Credit Insurance and Surety Bonds, at each Foundation and Advanced courses will be offered in the vicinity of Amsterdam Schiphol. In case still necessary, all applicable Covid-19 restrictions will be in place during the classroom training courses. During the classroom trainings real, practical cases will be discussed. Additionally, various webinars on both Trade Credit Insurance and Surety Bonds have been already scheduled throughout the year. These webinars are interesting to all individuals who are starting their career in the TCI and/or Surety Bonds industry, but also for all other interested parties like brokers, re-insurers´ employees, lawyers, credit managers etc.
To expand our offering STECIS is currently developing three masterclasses on Trade Credit Insurance that will address the following topics: TCI and Digitalisation, Non-traditional TCI products and TCI and Finance. These masterclasses will be hold by top experts from the TCI industry presenting the recent developments and trends in the field of TCI. Joining these masterclass will be not only be an excellent way to keep up to date with important developments in the TCI world. The courses are also an excellent means to increase your professional network as you will meet other participants and top experts from the industry.
When the outlines of the three masterclasses are available, they will be shared via Credit Insurance News and the website of Stecis.
More information can be found on the Stecis’ website: www.stecis.org.
All courses will run at the Steigenberger Hotel at Amsterdam-Schiphol.
Further information can be obtained by sending an email to: info@stecis.org.

About the Sponsor: Tokio Marine HCC
Tokio Marine HCC (TMHCC) is a global leader in specialty insurance — backed by our strong financial ratings, with over 100 product offerings, 83 offices, and transacting business in over 180 countries.
The UK Credit business has been established for over 40 years, focusing on exceptional customer service, flexibility in relation to wordings and policy solutions, and specialist sector risk underwriting that allows added-value analysis and communication.
Our core portfolio wordings include:
  • Whole Turnover
    Providing the most comprehensive coverage, allowing review and support across a full client portfolio. 
  • Principal Customer
    Support focused only on those customers above a defined level, below which the client is happy to stand.
  • Single Risk
    For those clients with one large customer or contract only whereby the failure of that customer would have a significant impact.
We only work with specialist brokers and seek to establish a long-term relationship, for the benefit of all three parties, that we can bespoke as possible.
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