Trade Credit Insurance

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1 Trade Credit Insurance Protecting your bad debts 保 障 您 的 坏 账 风 险

2 TRADE CREDIT INSURANCE - PROTECTING YOUR BAD DEBTS THE ENVIRONMENT TODAY We are in a precarious situation. We face a confluence of sovereign debt and banking risk with the epicentre of that being in the euro area, but it is underpinned and complicated by the fact that we also face a weakening global economy. Singapore Finance Minister Tharman Shanmugaratnam said during a press conference in September 2011 Since the unraveling of the subprime crisis in 2007, a series of financial institutions failures triggered a financial crisis that effectively halted global credit markets. The world economy has then recovered almost back to pre-crisis level in However in 2011, we have seen Sovereign debts sparking fears of contagion risk Political instability & social unrest Unveiling of corporate frauds scandals Natural disasters & Japan s nuclear fallout Major trading currencies volatility Assets bubble & inflation Industry restructuring Rising geopolitical tensions

3 MANAGE YOUR RISK FOR SUSTAINABLE GROWTH Stepping into 2012, the world economy remains shrouded by sovereign debts concern that does not look to be alleviating in the short term. In view of the medium term uncertainties, the search for liquidity may prove elusive and difficult for companies. It is imperative for companies to strengthen risk planning and protect themselves against unforeseeable bad debts losses, especially in such uncertain operating environments. TRADE CREDIT INSURANCE - PROTECTING YOUR ACCOUNTS RECEIVABLE Protection Sales Driving Opportunities Financing Against payment default and/ or insolvency of domestic and/ or foreign buyers. Against non-receipt of payments due to political events affecting cross border trades and payments Indemnifiy your losses up to 90% of the insured tax invoices Worldwide geographical coverage Finance your buyers confidently on credit terms sales Expand sales to existing buyers Venture into new market/ penetrate new buyers with assurance Easy to use and at competitive cost compared to Letters of Credit (L/Cs) Having trade credit insurance will complement internal credit control procedure and provides assurance to Lender as policy is viewed as a collateral Enables higher quantum of financing and lower cost of borrowing as Lender feels more secured knowing that the receivables are insured against non-payment

4 TRADE CREDIT INSURANCE - PROTECTING YOUR BAD DEBTS CASE STUDY A supplier of ancillary parts to the Oil and Gas Industry have 5 regular buyers with credit terms of 60 days. Total Annual Sales from the 5 buyers: S$6,600,000 Gross Margin: 10% Gross Profit: S$660,000 Contribution per buyer Annual sales contribution: S$1,320,000 Monthly sales: S$110,000 Maximum outstanding (3 months sales): S$330,000 BUYER S DEFAULT Inv1 S$110,000 Inv2 S$110,000 Inv3 S$110,000 Bad Debts S$330,000 ASSUMING TOTAL LOSS, NO RECOVERIES SELF-INSURED BASIS Total Losses S$330,000 Impact on Gross Profit 50% New sales required to recover losses S$3,300,000 Effects of Bad Debts Blemishes company s track record and affect lender s & supplier s confidence Defaulted buyer leaves a gap in revenue resulting the need to expand sales to new buyers Additional efforts needed to generate sales volume to recoup losses Affects cash flow and business planning Results Company may take a longer time to resume to its financial position before bad debts occurrence.

5 RISK SHARING/PARTNERSHIP WITH INSURER Bad Debts S$330,000 Recoveries via claims paid of 90% indemnity S$297,000 Total Losses S$33,000 Impact on Gross Profit 5% New sales required to recover losses S$330,000 Effects of Bad Debts Losses greatly reduced with insurance claims payout, thus protecting the company s profits and balance sheet Execute new sales decision speedily with assurance of limit coverage Relatively lesser sales volume to be generated to recoup losses Assures lender on company s credit management and expands financing facility with lower cost of borrowing Results Bad debts cannot cripple the company. Company can forge ahead with stronger support from financiers & suppliers and continues path of sales growth and internationalization.

6 TRADE CREDIT INSURANCE - PROTECTING YOUR BAD DEBTS TRADE CREDIT INSURANCE SCHEME The Trade Credit Insurance Scheme (TCIS) was introduced by International Enterprise (IE) Singapore on 1 February 2011 to educate Singapore-based companies on the benefits of using Trade Credit Insurance (TCI) as a financing and risk-management tool to mitigate their buyers default risks. With added protection through TCI, companies can be better protected against their counterparty risks and be more confident to explore new markets and buyers. Under TCIS, IE Singapore supports up to 50% of the minimum premium of qualified TCI policies held with Singaporeregistered credit insurers. This is subject to a maximum support of S$100,000 per qualified Singapore-based company. Qualifying Criteria Applicant Company must be Singapore-based and have at least three strategic business functions 1 in Singapore Group turnover 2 must not exceed S$100million An annual total business spending of at least S$250,000 over the past three years A minimum paid-up capital of S$50,000. At least three managerial staff who are Singapore citizens or PRs. 1 Strategic business functions refer to activities such as (i) banking & financial, (ii) marketing and business planning, (iii) procurement, logistics, (iv) training & personnel management, (v) investment planning/co-ordination, (vi) Research and Development (R&D) and design, (vii) technical support, (viii) manufacturing, and (viiii) other value-added (VA) activities. 2 Includes the Applicant Company s subsidiaries. Group turnover cap is subject to changes according to IE Singapore s definition of a Small and Medium Enterprise (SME).

7 Role of Lockton Our trade credit team have been participating in IE Singapore s initiative since 2005 and is continuing our support for TCIS. We share the same vision in helping our Singapore based enterprises grow beyond the shores of Singapore and we have proven track record in bringing our Singapore For more information on TCIS: You can contact the following Lockton consultants: Clarence Goh (65)

8 Our Mission To be the worldwide value and service leader in insurance brokerage and risk management Our Goal To be the best place to do business and to work Lockton, Inc. All rights reserved. Images 2012 Thinkstock. All rights reserved

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