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Germany Corporate Payment Survey 2021: Learning to live with the pandemic. Coface has reported that its latest survey on corporate payment experience in Germany has indicated that, although, Germany experienced a strong recession in 2020 and early 2021, payment discipline continued to improve in 2021 compared to already good results in 2020. Furthermore, the average duration of payment delays shortened by over a week. Coface notes that the business outlook from surveyed companies is also very positive, with 41% of survey participants having a positive economic outlook for 2021. "We suspect that these favourable results were mostly thanks to government support. It will be interesting to see if companies can keep their heads above the water once they lose their financial lifejackets," commented Christiane von Berg, Coface's Northern Europe Economist. To read Coface's news release with a link to the full report go to
Global growth remains strong but increasingly uneven. A new paper by Euler Hermes has reported that the COVID-19 delta-related uncertainty and soft stops will cost (only) -0.2 to -0.5% of GDP growth in advanced economies in 2021, and, overall, global growth should remain strong at +5.5% in 2021 and +4.2% in 2022. However, there is significant variation across countries, with vaccination rates, unwinding of supply bottlenecks and policy choices influencing the scale of catch-up. In the US and Eurozone, Euler Hermes predicts GDP growth of 6.3%, 6.1%, and 5.0% in 2021, respectively, followed by growth in 2022 of 5.4%, 4.1%, and 4.2%. Unlike during the Global Financial Crisis, economic scarring has been greater in most emerging economies, most notably those dependent on international trade and tourism. To read Euler Hermes news release with a link to the full report go to
Economic downgrade and analysis of key industries in Indonesia. Atradius has reported that agriculture, chemicals and ICT are the amongst the most resilient industries in Indonesia despite a downgrade to economic recovery. In the new Indonesia Country Report, Atradius highlights how Indonesia’s GDP shrank 2.1% in 2020 as a result of the COVID-19 pandemic. This was a smaller contraction compared to many other countries as Indonesia’s economy is fairly closed, making it less susceptible to global trade downturns. However, Atradius economists report that while GDP rebound was underway earlier this year, Indonesia’s economic outlook is now muted as it grapples with a new surge of coronavirus cases. As a result, Atradius has lowered its 2021 GDP growth forecasts; to 3.3% from 4.7% in March. Looking forward, Atradius forecasts Indonesia’s GDP will accelerate to almost 7% in 2022. For more information visit the publications pages of the Atradius website
PRA warns trade credit finance CEOs on best practice. Insurance Insider has reported that the UK Prudential Regulation Authority (PRA) has sent a letter to CEOs of firms carrying out trade finance business outlining its expectations of best practice. For transactions involving credit insurance arrangements, the PRA noted that the best practice would be for a firm to seek formal confirmation that it is explicitly identified as a loss payee for risk insurance cover on non-payment of debts by the end-buyer. The letter comes following several “high-profile failures” of trade credit finance firms over the last 18 months, with the most prominent being the collapse of Greensill Capital after Tokio Marine subsidiary Bond and Credit Company pulled its credit insurance cover for the business. To read Insurance Insider's article go to
India has opened for insurers issuing trade credit Insurance policies to banks and factoring companies. After a wait of more than a decade, India is opening for insurers issuing trade credit Insurance policies to banks and factoring companies. On 8 September 2021, and effective from 1 November 2021, the Insurance Regulatory and Development Authority of India (IRDAI), has released the new guidelines which will supersede all old guidelines on trade credit insurance in India. The highlights are:
  • Trade credit insurance policies can now be sold to banks and financial institutions 
  • There is no regulatory cap on indemnity
  • Policies can also be sold via E-trading platforms 
  • There is no cap on minimum buyers for a policy, except for single buyer policies which can only be issued to micro or small companies 
The penetration of trade finance products in India within SMEs and MSMEs in India is currently less than 20%.
Marsh has provided a detailed comparison between the old and new guidelines. Click here to view.
Congratulations to
Meridian Finance Group
, headquartered in Los Angeles, California, which has been named as the Export-Import Bank of the United States (EXIM) 2021 Broker of the Year. Meridian also received EXIM’s Broker award in 2000, 2003, and 2013.
SiriusPoint has announced that Pierre Favre has joined as senior underwriter, based in Zurich. Pierre has 25 years of experience as a leader in the Trade Credit and Surety reinsurance market and from 2015-2017 served as chairman of the Credit Insurance Committee of ICISA, the International Credit and Surety Association.
Coface has announced the appointment of Marcele Lemos as the new Chief Executive Officer of its Latin America Region. Marcele joins the Executive committee and will report to Xavier Durand, Group CEO. She was formerly Chief Operating Officer of Coface's North America Region.
Marsh has announced the appointment of Michele Pignotti as Global Growth Leader, credit specialties. Michele will be based in Italy and will report to Nick Robson, Global Practice Leader, credit specialties at Marsh Specialty. He joins from Euler Hermes, where, most recently, he was the board member responsible for marketing, distribution, and commercial underwriting.
Canopius has made two new appointments to its credit and political risk team.
  • Patrick Sheriff joins as Credit and Political Risk Underwriter in London. He formerly held a similar role at Chaucer Singapore. 
  • Jeremy Hatchuel joins as a Portfolio Analyst in London. He was previously a structurer at Greensill and Aon.
Beecher Carlson Insurance Services has announced the appointment of Kevin Humphrey to its executive liability practice as Managing Director of Trade Credit and Political Risk. Kevin has more than 25 years of experience in trade credit and finance, and, prior to joining Beecher Carlson, served as area Vice President for Trade Credit and Political Risk Vice at Arthur J. Gallagher & Co.
AIG has appointed Jessica Oyigo as a Senior Underwriter for trade finance, Americas, based in New York. Jessica joins AIG from Euler Hermes, where she was a Senior Regional Commercial Underwriter for North America.
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