Trade Credit Insurance in Europe

Transcription

1 Brochure More information from Trade Credit Insurance in Europe Description: Trade Credit Insurance in Europe is a report about the market for trade credit cover in Austria, Belgium, France, Germany, Italy, the Netherlands, Poland, Spain, Switzerland and the UK. Valued at just under EUR 4 billion in gross written premiums in 2012, this market began growing again in most countries following the macro-economic shocks of 2009 and 2010 which caused cover to be withdrawn from areas perceived to carry excessive risk. In addition to documenting the development of the market value from 2008 to 2012, the report also divides it for the most recent year between four key segments: between small companies with an annual turnover of less than EUR 5 million and larger companies with a turnover above this threshold; between single-risk and annual policies; between export and domestic trade credit insurance; and between protection acquired for political risks and cover bought for business risks. These unique market splits are based in part on a survey of 240 leading brokers of trade credit insurance across the ten countries. In each country, this same survey also identifies the underwriters of this type of cover used by brokers on a regular basis, gives an input into Finaccord's estimates for the market shares of underwriters and brokers of trade credit insurance, provides a basis for commentary surrounding distribution channels used for this type of policy, and informs Finaccord's forecasts for the market value through to Key features of this report include: - quantification of the market size for trade credit insurance in each of the ten countries: how much is each market worth, where is the fastest growth occurring and how do they break down into key segments? - presentation of the actual or estimated market shares of both brokers and underwriters of trade credit insurance in 2012 based on both the survey of 240 brokers and other available data sources; - audit of the frequency of usage of underwriters by major brokers of trade credit insurance in each country: to what extent are competitors effectively challenging the dominant trio of Atradius, Coface and Euler Hermes? - availability of an accompanying PartnerBASE dataset that logs partnerships for trade credit insurance identified by Finaccord across a combined total of 230 leading banks and 220 major trade associations; - forecasts for the market for trade credit insurance in each country and how it will split between domestic and export trade credit cover: what is this sector likely to look like in 2016? Contents: 0.0 EXECUTIVE SUMMARY The markets of most countries experienced significant nominal growth in 2011 and although that of Spain has continued to contract Germany and France host the largest markets for trade credit insurance in Europe......although relative to GDP the Austrian and Spanish markets are the most developed Three international groups dominate the market for trade credit insurance but there are plenty of challengers seeking to erode their position The market for export trade credit insurance is forecast to outpace that for domestic trade credit cover The total market is predicted to expand at a compound annual rate of 1.8% in nominal terms up to 2016

2 1.0 INTRODUCTION What is this report about? Rationale Several factors underpin the rationale for the production of this study......including that over 30 underwriters are challenging the dominance of the big three and that there are several distribution channel options in addition to brokers Globally, trade credit insurers cover nearly EUR 2 trillion of commercial credit exposures The report provides a standardised analysis of important metrics across ten countries Methodology Research program Market data analysis Definitions Trade credit insurance Single-risk and annual policies Export and domestic policies Political and business risks Premiums Abbreviations Currency rates PartnerBASE Finaccord 2.0 EUROPEAN OVERVIEW Market size and growth Value of premiums The value of premiums reached almost EUR 4 billion across the ten European markets in 2012 Nine of the ten countries saw premiums grow in nominal terms between 2008 and 2012 Premiums as a percentage of GDP Austria and Spain have the most developed markets for trade credit insurance relative to GDP

3 The market for factoring is outpacing that for trade credit insurance in eight out of ten countries There is often a clear relationship between the relative market values of trade credit insurance and factoring Market segmentation Segmentation by size of customer As an average across all ten countries, smaller customers account for just over a quarter of the market Segmentation between single-risk and annual policies Single-risk trade credit insurance policies are most significant in Switzerland Segmentation between export and domestic trade credit insurance The relative importance of export trade credit insurance is greatest in Belgium......and is quite strongly related to the dependency on exports of the underlying economy Segmentation between cover for political risks and business risks Acquiring cover for political risks is of most importance to clients in Germany and the UK Atradius, Coface and Euler Hermes together hold more than 70% of the market in eight of the ten nations and a combined share of 82.3% across the ten countries A total of 37 different underwriters work on a regular basis with brokers in at least one country......among which Delcredere and Zurich are used most commonly behind the big three groups Together with TCRe, these two providers have established themselves in most of the markets covered Several underwriters ranked in the top 20 are limited to operations in one country only Distribution channels Brokers constitute the main distribution channel in most markets although there are several alternatives Over a quarter of major banks serving business customers are also distributors of trade credit insurance......with a similar rate of involvement visible among leading trade associations......among which those in the Netherlands are most likely to run an affinity scheme for this product Across the ten countries combined, the market value is expected to make steady progress up to with the strongest growth occurring in Belgium, Poland and Switzerland Domestic trade credit insurance in three countries will be worth over EUR 500 million in although premiums for export trade credit insurance are generally forecast to grow more quickly 3.0 AUSTRIA

4 Market size, growth and segmentation In relative terms, Austria appears to have a highly developed market for trade credit insurance......driven by a comparatively high proportion of business transactions made on credit Small companies constitute an important customer base for several brokers Most brokers in Austria intermediate single-risk policies as well as annual cover Export trade credit insurance is a comparatively important market segment in Austria partly as a consequence of the fact that exports account for more than 40% of Austrian GDP Cover for political risks plays a more moderate role in the Austrian market for trade credit insurance Factoring as a complementary / substitute product Austria lags behind most other European countries in the development of its factoring market Some brokers intermediate trade credit insurance underwritten by insurers based outside of Austria Having entered the market in 2012, R+V is seeking to challenge the incumbent underwriters Nearly all Austrian brokers of trade credit insurance maintain a relationship with Coface Distribution channels Brokers face significant competition from other distribution channels in Austria including banks, among which a fairly high proportion sell trade credit insurance However, trade associations are not yet involved in this field The value of the trade credit insurance market will advance slightly in nominal terms up to BELGIUM Market size, growth and segmentation The market for trade credit insurance recorded particularly strong growth in 2010 Slightly less than a half of all business-to-business transactions are made on credit Small companies account for a lower proportion of premiums paid than in other European countries Most brokers offer single-risk policies in Belgium and for at least two it is an especially important activity As a proportion of the total market, export trade credit insurance is especially important in Belgium which is partly a consequence of the high ratio of exports to GDP For two brokers, more than 20% of export trade credit revenues are due to cover for political risks

5 Factoring as a complementary / substitute product The value of Belgium's factoring market almost doubled between 2007 and 2011 By some distance, Euler Hermes and Atradius are the largest underwriters in the Belgian market......although a fairly long tail of smaller insurers have established relationships with brokers Distribution channels Brokers are the main distribution channel for trade credit insurance in Belgium......with Crion, Trade Insure and Van Breda laying claim to the highest market shares Two major Belgian banks act as distributors of trade credit insurance Several trade associations are active in the intermediation of trade credit insurance in Belgium The trade credit insurance market has quite significant potential to grow further up to FRANCE Market size, growth and segmentation France hosts the second largest market for trade credit insurance in Europe with a significant improvement in profitability having been achieved since 2009 The proportion of premiums paid by smaller companies is slightly higher than the European average Single-risk policies are much less widespread in France than in most other European markets Nearly all brokers of trade credit insurance offer both domestic and export policies Exports account for less than a quarter of French GDP The vast majority of brokers offer cover for political risks as well as business risks Coface will manage public export credit guarantees until at least 2015 Factoring as a complementary / substitute product France has a relatively well-developed market for factoring AXA Assurcredit and Groupama Assurance-Crédit are the main challengers to the big three groups......having established on-going relationships with the majority of brokers of trade credit insurance......in a market in which there are at least 15 active underwriters Distribution channels Delta Assurances, Diot, Gras Savoye, Jean Busnot and Marsh are important broking rivals to Aon...

6 ...as all five firms maintain substantial teams focused on trade credit insurance Several of France s largest banks act as distributors of trade credit insurance as do a handful of major trade associations The market for trade credit insurance in France may have difficulty in finding new momentum 6.0 GERMANY Market size, growth and segmentation Although its ratio to national GDP is not especially high, Germany's market is the largest in Europe with claims ratios having improved in recent years Most brokers serve clients with less than EUR 5 million in annual turnover as well as larger customers Single-risk policies are believed to have grown in importance in Germany in recent years Export trade credit insurance accounts for a substantial proportion of the total market driven by the fact that exports account for more than 40% of German GDP The value of cover for political risks is comfortably ahead of the average for Europe as a whole Factoring as a complementary / substitute product Germany's market for factoring appears to be growing rapidly Smaller underwriters have made some progress in Germany in recent years including Delcredere, QBE, R+V, TCRe and Zurich Behind the five leading underwriters, brokers work most frequently with Delcredere and TCRe Distribution channels The agents of Signal Iduna act as distributors of trade credit policies underwritten by R+V......in a market in which there are many brokers with a significant presence in this arena......among which Aon is the market leader Several of Germany s largest banks act as distributors of trade credit insurance Several important trade associations offer trade credit insurance to their members with at least four underwriters engaged in this activity The value of the German trade credit insurance market is likely to approach EUR 1 billion by 2016

7 7.0 ITALY Market size, growth and segmentation The market for trade credit insurance in Italy is worth more than EUR 400 million......and has experienced substantial fluctuations in underwriting profitability in recent years Small companies account for a relatively high proportion of the market for trade credit insurance A comparatively high number of brokers do not promote single-risk policies A few brokers are focused purely on domestic trade credit insurance Exports account for a relatively moderate share of Italian GDP The provision of cover for political risks is not especially common in Italy Factoring as a complementary / substitute product Italy's factoring market has surged in value in recent years Given its total size, Italy's market is characterised by a high degree of concentration with the vast majority of business placed with just five underwriters Distribution channels As in several other countries, Aon is likely to be the largest broker for trade credit insurance in Italy A relatively high proportion of banks in Italy offer trade credit insurance to business customers Trade associations in Italy provide trade credit insurance at both national and local levels Brokers are comparatively sanguine with regards to the future prospects for trade credit insurance 8.0 NETHERLANDS Market size, growth and segmentation Relative to GDP, trade credit insurance in the Netherlands is not especially well-developed with a higher proportion of the market due to larger companies than the European average A relatively high proportion of Dutch brokers do not market single-risk policies at all For several brokers, export trade credit insurance makes up more than a half of their total business which is partly a result of the relative importance of exports to the Dutch economy The provision of cover for political risks is also an important component for a handful of brokers

8 Atradius runs the public export credit guarantee on behalf of the Dutch government The value of the factoring market may have exceeded EUR 50 billion in 2012 Reflecting its background, Atradius is a very clear market leader in trade credit insurance......although most brokers also maintain on-going relationships with Coface and Euler Hermes Distribution channels The lion's share of trade credit insurance business is intermediated by brokers......with Aon and Finance & Insurance accounting for a large share of the market Rabobank offers trade credit insurance underwritten by Interpolis Trade associations in the Netherlands display a keen appetite for promoting trade credit insurance with underwriting invariably carried out by one of the big three competitors The value of export trade credit insurance within the total market is forecast to remain stable 9.0 POLAND Market size, growth and segmentation The value of the Polish market for trade credit insurance is likely to have hit a record high in with the claims ratio having peaked in 2010 before falling back subsequently Small companies with a turnover below EUR 5 million account for a significant tranche of the market The importance of single-risk policies varies from one broker to another Over 70% of the total market is due to domestic trade credit policies......in spite of the fact that exports account for more than 40% of GDP in Poland The vast majority of brokers active in export trade credit insurance also deal with political risk cover KUKE was established in 1991 to provide public export credit guarantees and is also active in the open market for short-term trade credit risks Factoring as a complementary / substitute product The factoring sector has expanded rapidly in recent years KUKE is the main challenger to the leading three international groups...with at least four other underwriters also used from time to time by brokers

9 Distribution channels Agents and direct sales provide significant competition to brokers although affinity programs run through banks and trade associations are few and far between A forecast nominal compound annual growth rate of 5.4% translates to 2.6% in real terms 10.0 SPAIN Market size, growth and segmentation Although it has declined sharply in recent years, Spain's market for trade credit insurance remains large......although high claims ratios are causing underwriters to be more selective than they have in the past A very high proportion of the Spanish market is due to smaller firms with a turnover below EUR 5 million although comparatively little can be attributed to single-risk policies Most brokers promote both domestic and export trade credit insurance policies Having risen from a trough in 2009, exports account for over 20% of Spanish GDP A relatively high proportion of brokers have a significant focus on providing cover for political risks The Spanish government has announced that it will sell its majority stake in CESCE Factoring as a complementary / substitute product Compared to Spanish GDP, the country's factoring market is quite well-developed The launch of Solunion may be expected to provide fresh competition to the incumbent underwriters......with this company already used regularly by the vast majority of brokers by early 2013 In total, there are at least ten different underwriters active in this market Distribution channels In terms of the volume of policies intermediated, agents have a higher distribution share than brokers Several brokers in addition to Aon, Marsh and Willis maintain dedicated trade credit insurance teams CESCE is used to underwrite trade credit insurance policies sold by five Spanish banks A handful of trade associations are active in the intermediation of trade credit insurance in Spain with Filhet Allard, Insurcredit and Peris each holding relationships in this arena In nominal terms, the decline in Spain's trade credit insurance market is expected to bottom out

10 11.0 SWITZERLAND Market size, growth and segmentation The trade credit insurance market has experienced significant premium growth in Switzerland......with the claims ratio having dropped hugely from the peak experienced in 2009 The percentage of the market due to small companies is almost identical to the European average Single-risk policies are somewhat more important in Switzerland than in other European countries Export trade credit cover makes up over a half of the total Swiss market for trade credit insurance in spite of the fact that the country's ratio of exports to GDP is not especially high Most Swiss brokers of trade credit insurance handle cover for political risks Factoring as a complementary / substitute product Switzerland's factoring market is relatively small and its value has declined in recent years A diverse range of underwriters compete in the Swiss trade credit insurance market with insurers at Lloyd's of London playing a more visible role than in other countries and with AXA likely to have assumed a market-leading position No underwriter is used on a regular basis by more than two thirds of brokers active in this field Distribution channels Brokers control about 50% of the market with most of the rest due to agents and direct sales Among major Swiss banks, only UBS acts as a distributor of trade credit insurance......and only one trade association has established a scheme for this type of cover There is scope for the market for trade credit insurance market to grow further up to UK Market size, growth and segmentation The UK's trade credit insurance market has undergone a period of stagnation in recent years For several brokers, smaller customers constitute an important part of their client base The share of single-risk policies within the total market is slightly below the average for Europe as a whole with a similar comment applying in the case of export trade credit insurance

11 Exports from the UK to other EU countries exceed EUR 300 billion Cover for political risks plays a relatively important role in the UK market As the provider of public export credit guarantees, the ECGD has expanded its cover in recent times Factoring as a complementary / substitute product The UK plays host to the largest factoring market in Europe ACE, AIG, CIFS, HCC International, Markel and QBE are among the main challengers to the big three......within a market that is fragmented by the standards of other European countries The leading three underwriters are used frequently by more than two thirds of brokers Equinox Global was launched as a specialised managing general agent in November 2010 Distribution channels Brokers are the dominant distribution channel for trade credit insurance in the UK and several operate large dedicated teams including Aon, Marsh, RK Harrison and Reynolds Banks do not play a particularly significant role in the intermediation of trade credit insurance in the UK although a comparatively high number of trade associations are involved in this sphere In real terms, the value of the UK's market is unlikely to make much progress by APPENDIX Brokers participating in the survey Austria Belgium France Germany Italy Netherlands Poland Spain Switzerland UK LIST OF GRAPHICS / TABLES TABLE OF CONTENTS

12 0.0 EXECUTIVE SUMMARY All markets shrank in one or both of 2009 and 2010 but with the exception of Spain they have mounted a recovery since then The three largest country markets account for nearly 60% of total premium income Spain has the most developed market for trade credit insurance relative to its GDP The top three international underwriters account for 70% or more of the market in eight out of ten countries The markets for trade credit insurance in Poland and Belgium are likely to experience the highest growth up to INTRODUCTION Number of brokers of trade credit insurance covered by the survey, segmented by country, 2013 Number of banks and trade associations covered by the research, segmented by country, EUROPEAN OVERVIEW Estimated gross written premiums for trade credit insurance, segmented by country, 2012 Compound annual growth in gross written premiums for trade credit insurance, segmented by country, 2008 to 2012 Relative size of estimated gross written premiums for trade credit insurance, segmented by country, 2012 Estimated gross written premiums for trade credit insurance in Europe, segmented by country, 2008 to 2012 (table) Ratio of estimated gross written premiums for trade credit insurance to GDP, segmented by country, 2012 Total factoring market value, segmented by country, 2007 to 2011 Correlation between the ratio of estimated gross written premiums for trade credit insurance to GDP and the ratio of the factoring market value to GDP, segmented by country, 2011 Premiums paid by small companies with an annual turnover of less than EUR 5 million as a proportion of the total market for trade credit insurance, segmented by country, 2013 (table) Premiums paid by small companies with an annual turnover of less than EUR 5 million as a proportion of the total market for trade credit insurance, segmented by country, 2013 Premiums paid for single-risk policies as a proportion of the total market for trade credit insurance, segmented by country, 2013 (table) Premiums paid for single-risk policies as a proportion of the total market for trade credit insurance, segmented by country, 2013 Premiums paid for export trade credit insurance as a proportion of the total market for trade credit insurance, segmented by country, 2013 (table) Premiums paid for export trade credit insurance as a proportion of the total market for trade credit insurance, segmented by country, 2013 Correlation between the ratio of export trade credit insurance to the total market and the ratio of exports to GDP, segmented by country, 2011 and 2013 Premiums paid for political risk cover as a proportion of the total market for export trade credit insurance, segmented by country, 2013 (table)

13 Premiums paid for political risk cover as a proportion of the total market for export trade credit insurance, segmented by country, 2013 Estimated market shares of gross written premiums of the three leading international trade credit insurance underwriters, segmented by country, 2012 Estimated market shares of gross written premiums of the three leading international trade credit insurance underwriters, segmented by country, 2012 (table) Frequency of usage of specific trade credit insurance underwriters by brokers across all ten countries, 2013 Frequency of usage of top 20 trade credit insurance underwriters by brokers, segmented by country, 2013 Relative importance of brokers, agents / direct sales and banks / factoring companies as distribution channels for trade credit insurance, segmented by country, 2013 Provision rates for trade credit insurance offered by banks, segmented by country, 2013 Provision rates for trade credit insurance offered by trade associations, segmented by country, 2013 Forecast compound annual growth in gross written premiums for total trade credit insurance, segmented by country, 2012 to 2016 Forecast growth in gross written premiums for total trade credit insurance, segmented by country, 2016 (table) Forecast gross written premiums for domestic trade credit insurance, segmented by country, 2016 Forecast gross written premiums for domestic trade credit insurance, segmented by country, 2016 (table) Forecast gross written premiums for export trade credit insurance, segmented by country, 2016 Forecast gross written premiums for export trade credit insurance, segmented by country, 2016 (table) 3.0 AUSTRIA Gross written premiums for trade credit insurance in Austria, 2008 to 2012 Premium income paid by small companies with an annual turnover of less than EUR 5 million as a proportion of the total market for trade credit insurance in Austria, 2013 Premium income paid for single-risk policies as a proportion of the total market for trade credit insurance in Austria, 2013 Premium income paid for export trade credit insurance as a proportion of the total market for trade credit insurance in Austria, 2013 Values of exports inside and outside the EU and corresponding percentages of GDP in Austria, 2007 to 2011 Premium income paid for political risk cover as a proportion of the total market for export trade credit insurance in Austria, 2013 Total factoring market value in Austria, 2007 to 2011 Estimated market shares of gross written premiums of trade credit insurance underwriters in Austria, 2012 Frequency of usage of specific trade credit insurance underwriters by brokers in Austria, 2013 Major banks offering trade credit insurance in Austria: operating models and partnerships, 2013 Forecast gross written premiums for trade credit insurance in Austria and the proportion due to export trade credit insurance, 2016

14 Forecast segmentation of gross written premiums in Austria between domestic and export trade credit insurance, 2016 (table) 4.0 BELGIUM Gross written premiums for trade credit insurance in Belgium, 2008 to 2012 Premium income paid by small companies with an annual turnover of less than EUR 5 million as a proportion of the total market for trade credit insurance in Belgium, 2013 Premium income paid for single-risk policies as a proportion of the total market for trade credit insurance in Belgium, 2013 Premium income paid for export trade credit insurance as a proportion of the total market for trade credit insurance in Belgium, 2013 Values of exports inside and outside the EU and corresponding percentages of GDP in Belgium, 2007 to 2011 Premium income paid for political risk cover as a proportion of the total market for export trade credit insurance in Belgium, 2013 Total factoring market value in Belgium, 2007 to 2011 Estimated market shares of gross written premiums of trade credit insurance underwriters in Belgium, 2012 Frequency of usage of specific trade credit insurance underwriters by brokers in Belgium, 2013 Major banks offering trade credit insurance in Belgium: operating models and partnerships, 2013 Major trade associations offering trade credit insurance in Belgium: operating models and partnerships, 2013 Forecast gross written premiums for trade credit insurance in Belgium and the proportion due to export trade credit insurance, 2016 Forecast segmentation of gross written premiums in Belgium between domestic and export trade credit insurance, 2016 (table) 5.0 FRANCE Gross written premiums for trade credit insurance in France, 2008 to 2012 Premium income paid by small companies with an annual turnover of less than EUR 5 million as a proportion of the total market for trade credit insurance in France, 2013 Premium income paid for single-risk policies as a proportion of the total market for trade credit insurance in France, 2013 Premium income paid for export trade credit insurance as a proportion of the total market for trade credit insurance in France, 2013 Values of exports inside and outside the EU and corresponding percentages of GDP in France, 2007 to 2011 Premium income paid for political risk cover as a proportion of the total market for export trade credit insurance in France, 2013 Total factoring market value in France, 2007 to 2011 Estimated market shares of gross written premiums of trade credit insurance underwriters in France, 2012 Frequency of usage of specific trade credit insurance underwriters by brokers in France, 2013

15 Major banks offering trade credit insurance in France: operating models and partnerships, 2013 Major trade associations offering trade credit insurance in France: operating models and partnerships, 2013 Forecast gross written premiums for trade credit insurance in France and the proportion due to export trade credit insurance, 2016 Forecast segmentation of gross written premiums in France between domestic and export trade credit insurance, 2016 (table) 6.0 GERMANY Gross written premiums for trade credit insurance in Germany, 2008 to 2012 Premium income paid by small companies with an annual turnover of less than EUR 5 million as a proportion of the total market for trade credit insurance in Germany, 2013 Premium income paid for single-risk policies as a proportion of the total market for trade credit insurance in Germany, 2013 Premium income paid for export trade credit insurance as a proportion of the total market for trade credit insurance in Germany, 2013 Values of exports inside and outside the EU and corresponding percentages of GDP in Germany, 2007 to 2011 Premium income paid for political risk cover as a proportion of the total market for export trade credit insurance in Germany, 2013 Total factoring market value in Germany, 2007 to 2011 Estimated market shares of gross written premiums of trade credit insurance underwriters in Germany, 2012 Frequency of usage of specific trade credit insurance underwriters by brokers in Germany, 2013 Major banks offering trade credit insurance in Germany: operating models and partnerships, 2013 Major trade associations offering trade credit insurance in Germany: operating models and partnerships, 2013 Forecast gross written premiums for trade credit insurance in Germany and the proportion due to export trade credit insurance, 2016 Forecast segmentation of gross written premiums in Germany between domestic and export trade credit insurance, 2016 (table) 7.0 ITALY Gross written premiums for trade credit insurance in Italy, 2008 to 2012 Premium income paid by small companies with an annual turnover of less than EUR 5 million as a proportion of the total market for trade credit insurance in Italy, 2013 Premium income paid for single-risk policies as a proportion of the total market for trade credit insurance in Italy, 2013 Premium income paid for export trade credit insurance as a proportion of the total market for trade credit insurance in Italy, 2013 Values of exports inside and outside the EU and corresponding percentages of GDP in Italy, 2007 to 2011

16 Premium income paid for political risk cover as a proportion of the total market for export trade credit insurance in Italy, 2013 Total factoring market value in Italy, 2007 to 2011 Estimated market shares of gross written premiums of trade credit insurance underwriters in Italy, 2012 Frequency of usage of specific trade credit insurance underwriters by brokers in Italy, 2013 Major banks offering trade credit insurance in Italy: operating models and partnerships, 2013 Major trade associations offering trade credit insurance in Italy: operating models and partnerships, 2013 Forecast gross written premiums for trade credit insurance in Italy and the proportion due to export trade credit insurance, 2016 Forecast segmentation of gross written premiums in Italy between domestic and export trade credit insurance, 2016 (table) 8.0 NETHERLANDS Gross written premiums for trade credit insurance in the Netherlands, 2008 to 2012 Premium income paid by small companies with an annual turnover of less than EUR 5 million as a proportion of the total market for trade credit insurance in the Netherlands, 2013 Premium income paid for single-risk policies as a proportion of the total market for trade credit insurance in the Netherlands, 2013 Premium income paid for export trade credit insurance as a proportion of the total market for trade credit insurance in the Netherlands, 2013 Values of exports inside and outside the EU and corresponding percentages of GDP in the Netherlands, 2007 to 2011 Premium income paid for political risk cover as a proportion of the total market for export trade credit insurance in the Netherlands, 2013 Total factoring market value in the Netherlands, 2007 to 2011 Estimated market shares of gross written premiums of trade credit insurance underwriters in the Netherlands, 2012 Frequency of usage of specific trade credit insurance underwriters by brokers in the Netherlands, 2013 Major banks offering trade credit insurance in the Netherlands: operating models and partnerships, 2013 Major trade associations offering trade credit insurance in the Netherlands: operating models and partnerships, 2013 Forecast gross written premiums for trade credit insurance in the Netherlands and the proportion due to export trade credit insurance, 2016 Forecast segmentation of gross written premiums in the Netherlands between domestic and export trade credit insurance, 2016 (table) 9.0 POLAND Gross written premiums for trade credit insurance in Poland, 2008 to 2012 Premium income paid by small companies with an annual turnover of less than EUR 5 million as a proportion of the total market for trade credit insurance in Poland, 2013

17 Premium income paid for single-risk policies as a proportion of the total market for trade credit insurance in Poland, 2013 Premium income paid for export trade credit insurance as a proportion of the total market for trade credit insurance in Poland, 2013 Values of exports inside and outside the EU and corresponding percentages of GDP in Poland, 2007 to 2011 Premium income paid for political risk cover as a proportion of the total market for export trade credit insurance in Poland, 2013 Total factoring market value in Poland, 2007 to 2011 Estimated market shares of gross written premiums of trade credit insurance underwriters in Poland, 2012 Frequency of usage of specific trade credit insurance underwriters by brokers in Poland, 2013 Major trade associations offering trade credit insurance in Poland: operating models and partnerships, 2013 Forecast gross written premiums for trade credit insurance in Poland and the proportion due to export trade credit insurance, 2016 Forecast segmentation of gross written premiums in Poland between domestic and export trade credit insurance, 2016 (table) 10.0 SPAIN Gross written premiums for trade credit insurance in Spain, 2008 to 2012 Premium income paid by small companies with an annual turnover of less than EUR 5 million as a proportion of the total market for trade credit insurance in Spain, 2013 Premium income paid for single-risk policies as a proportion of the total market for trade credit insurance in Spain, 2013 Premium income paid for export trade credit insurance as a proportion of the total market for trade credit insurance in Spain, 2013 Values of exports inside and outside the EU and corresponding percentages of GDP in Spain, 2007 to 2011 Premium income paid for political risk cover as a proportion of the total market for export trade credit insurance in Spain, 2013 Total factoring market value in Spain, 2007 to 2011 Estimated market shares of gross written premiums of trade credit insurance underwriters in Spain, 2012 Frequency of usage of specific trade credit insurance underwriters by brokers in Spain, 2013 Major banks offering trade credit insurance in Spain: operating models and partnerships, 2013 Major trade associations offering trade credit insurance in Spain: operating models and partnerships, 2013 Forecast gross written premiums for trade credit insurance in Spain and the proportion due to export trade credit insurance, 2016 Forecast segmentation of gross written premiums in Spain between domestic and export trade credit insurance, 2016 (table) 11.0 SWITZERLAND Gross written premiums for trade credit insurance in Switzerland, 2008 to 2012

18 Premium income paid by small companies with an annual turnover of less than EUR 5 million as a proportion of the total market for trade credit insurance in Switzerland, 2013 Premium income paid for single-risk policies as a proportion of the total market for trade credit insurance in Switzerland, 2013 Premium income paid for export trade credit insurance as a proportion of the total market for trade credit insurance in Switzerland, 2013 Values of exports inside and outside the EU and corresponding percentages of GDP in Switzerland, 2007 to 2011 Premium income paid for political risk cover as a proportion of the total market for export trade credit insurance in Switzerland, 2013 Total factoring market value in Switzerland, 2007 to 2011 Estimated market shares of gross written premiums of trade credit insurance underwriters in Switzerland, 2012 Frequency of usage of specific trade credit insurance underwriters by brokers in Switzerland, 2013 Major banks offering trade credit insurance in Switzerland: operating models and partnerships, 2013 Major trade associations offering trade credit insurance in Switzerland: operating models and partnerships, 2013 Forecast gross written premiums for trade credit insurance in Switzerland and the proportion due to export trade credit insurance, 2016 Forecast segmentation of gross written premiums in Switzerland between domestic and export trade credit insurance, 2016 (table) 12.0 UK Gross written premiums for trade credit insurance in the UK, 2008 to 2012 Premium income paid by small companies with an annual turnover of less than EUR 5 million as a proportion of the total market for trade credit insurance in the UK, 2013 Premium income paid for single-risk policies as a proportion of the total market for trade credit insurance in the UK, 2013 Premium income paid for export trade credit insurance as a proportion of the total market for trade credit insurance in the UK, 2013 Values of exports inside and outside the EU and corresponding percentages of GDP in the UK, 2007 to 2011 Premium income paid for political risk cover as a proportion of the total market for export trade credit insurance in the UK, 2013 Total factoring market value in the UK, 2007 to 2011 Estimated market shares of gross written premiums of trade credit insurance underwriters in the UK, 2012 Frequency of usage of specific trade credit insurance underwriters by brokers in the UK, 2013 Major banks offering trade credit insurance in the UK: operating models and partnerships, 2013 Major trade associations offering trade credit insurance in the UK: operating models and partnerships, 2013 Forecast gross written premiums for trade credit insurance in the UK and the proportion due to export trade credit insurance, 2016

19 Forecast segmentation of gross written premiums in the UK between domestic and export trade credit insurance, 2016 (table) 12.0 APPENDIX Ordering: Order Online - Order by Fax - using the form below Order by Post - print the order form below and send to Research and Markets, Guinness Centre, Taylors Lane, Dublin 8, Ireland.

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