Trade Credit Insurance in Spain

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Jun 18, 2013, 12:35 ET

NEW YORK, June 18, 2013 /PRNewswire/ -- Reportlinker.com announces that a new market research report is available in its catalogue:

Trade Credit Insurance in Spain
http://www.reportlinker.com/p01360795/Trade-Credit-Insurance-in-Spain.html#utm_source=prnewswire&utm_medium=pr&utm_campaign=Insurance

Trade Credit Insurance in Spain is a report about the market for trade credit cover in Spain. 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 leading brokers of trade credit insurance in Spain. 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 in Spain, provides a basis for commentary surrounding distribution channels used for this type of policy, and informs Finaccord's forecasts for the Spanish market value through to 2016.

Key features of this report include:

- quantification of the market size for trade credit insurance in Spain: how much is the market worth, how has it developed since 2008 and how does it 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 broker survey and other available data sources;

- audit of the frequency of usage of underwriters by major brokers of trade credit insurance in Spain: to what extent are competitors effectively challenging the main incumbent underwriters?

- availability of an accompanying PartnerBASE dataset that logs partnerships for trade credit insurance identified by Finaccord across a combined total of 65 leading banks and major trade associations;

- forecasts for the market for trade credit insurance in Spain and how it will split between domestic and export trade credit cover: what is this sector likely to look like in 2016?

Table of Contents

0.0 EXECUTIVE SUMMARY
1.0 INTRODUCTION
What is this report about?
Rationale
Several factors underpin the rationale for the production of this study
There are several distribution channel options in addition to brokers
Globally, trade credit insurers cover over EUR 1 trillion of commercial credit exposures
The report provides a standardised analysis of important metrics for trade credit insurance
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
PartnerBASE
Finaccord

2.0 SPAIN
Introduction
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
Underwriter market shares
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
Future outlook
In nominal terms, the decline in Spain's trade credit insurance market is expected to bottom out

3.0 APPENDIX
Brokers participating in the survey

LIST OF GRAPHICS / TABLES
0.0 EXECUTIVE SUMMARY
Key market data for trade credit insurance in Spain
1.0 INTRODUCTION
2.0 SPAIN
Gross written premiums for trade credit insurance in Spain, 2008 to 2012
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 in Spain, 2013
Premiums paid for single-risk policies as a proportion of the total market for trade credit insurance in Spain, 2013
Premiums 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
Premiums 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)