​New Credendo partnership introduces a short-term credit insurance solution tailored for the Chinese market. Credendo has announced that it has expanded its global fronting network, enabling local policy issuance in China through a partnership with Zking Property & Casualty Insurance. The new collaboration introduces a short-term credit insurance solution tailored for the dynamic Chinese market and opens up opportunities, including for multinational clients with Chinese entities. The fronting agreement allows Credendo to manage all policy aspects while its local partner, Zking, issues the actual policy due to licensing restrictions. "Credendo sees China as a major opportunity as it looks to establish further fronting agreements across Asia and elsewhere", noted Jean-Paul Steenbeke, Deputy General Manager of Credendo – Trade Credit Insurance. To read Credendo's news release, go to https://credendo.com/en/knowledge-hub/new-fronting-agreement-opens-dynamic-chinese-market.

 

Allianz Trade extends its geographical footprint to Vietnam. Allianz Trade in Asia Pacific has announced the opening of its first office in Vietnam. Headquartered in Ho Chi Minh City, the new office will provide comprehensive trade credit solutions to local exporters. Allianz Trade notes that Vietnam has been a remarkable performer among emerging economies, registering average growth of around 7% over the three decades leading up to the Covid-19 pandemic and around 4.7% over 2020-2022. Rodrigo Jimenez, Regional CEO at Allianz Trade in Asia Pacific, says, "We are extremely excited to extend our footprint to Vietnam, the thirteenth location in our portfolio. Apart from increasing our investments in India in 2023, Vietnam has long been on our list for expansion." To read Allianz Trade's news release, go to https://www.allianz-trade.com/en_global/news-insights/news/new-office-in-vietnam.html.

 

Continued high levels of late payments and bad debt highlight the need for proactive payment risk strategies. Silvia Ungaro, Senior Advisor at Atradius, has published an article examining lessons learnt from a year of B2B payment disruption. She notes that, while some regions have seen a slight decline in overdue invoices, progress remains modest. In Western Europe, for instance, 47% of B2B invoices are still paid late, and bad debts affect an average of 6% of B2B invoices. The situation is even more severe in markets like India, where overdue invoices affect 63% of B2B sales and bad debts have risen to 7%. Across the board, the most common reason for late payments remains customer cash flow pressure. Nearly half of the companies in Western Europe expect insolvencies to increase in the months ahead. To read Atradius' article, go to https://atradius.co.uk/knowledge-and-research/news/what-did-a-year-of-b2b-payment-disruption-teach-us.

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Podcast: Credit insurance and the future of energy. In a conversation with Trade Finance Global's Deputy Editor, Mahika Ravi Shankar, Madeleine Whiteley, Senior Client Manager at Aon, explores how credit insurance is helping energy clients navigate volatility, adapt to the transition to renewables, and manage the uncertainties that define today's market. Citing Russia's invasion of Ukraine, which sent wholesale gas prices to record highs across the European Union and the UK (underscoring how suddenly and severely energy markets can turn), she notes that clients with trade credit insurance could ride out the issues, knowing that at least a portion of their exposure was secured. "Those that didn't had a much hairier time." She concludes that credit insurance is becoming a "go-to tool", which provides "a way to safeguard deals where political decisions might suddenly upset energy suppliers." To listen to the podcast, go to https://www.tradefinanceglobal.com/posts/podcast-you-cant-predict-the-weather-but-you-can-insure-for-it-credit-insurance-and-the-future-of-energy/.

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Australia: NCI reports a 9% increase in the number of commercial collections lodged in Q3 compared to Q2 2025. NCI (National Credit Insurance (Brokers) Pty Ltd) has advised that its latest Trade Credit Index for Q3 2025 has indicated that business risk for Australian companies has edged higher as trade conditions tighten. Versus Q2 2025, the Index edged up 2%, with incoming collection matters at 1,229. Claims dynamics were mixed: claims lodged fell 16% to 331 (valued at AU$23 million), while claims paid totalled 353, with AU$16 million paid. Reported serious overdues declined 5%, but collections lodged rose by 9%, highlighting continued pressure on receivables. By state, claim numbers were led by New South Wales (33%), followed by Victoria (24%). To download NCI's report, go to https://www.nci.com.au/news/trade-credit-risk-index-q3-2025/.

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Electronic signatures in trade credit insurance: legal and practical realities. ICISA has published an overview of the global e-signature landscape for trade credit insurance and surety. It notes e-signatures are increasingly important – speeding policy, bond and reinsurance execution, cutting admin costs, enabling remote work, and supporting sustainability. However, legal frameworks, adoption and interpretation vary widely by jurisdiction. Some markets and larger transactions require higher-assurance signatures, adding cost and complexity, while compatibility gaps persist between signing platforms and certificate providers. These regional differences directly influence how trade credit insurance and surety markets can leverage e-signatures in practice. ICISA argues that meaningful progress now hinges on four things: greater harmonisation and mutual recognition across borders; more explicit guidance and education for market participants; and secure, interoperable systems that work reliably at scale. To read ICISA's article, go to https://icisa.org/news/electronic-signatures-in-trade-credit-insurance-and-surety-legal-and-practical-realities/.

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Allianz Trade sees US insolvencies rising into 2026. As reported by Insurance Business, Allianz Trade's latest Insolvency Report found that, although US tariffs have altered trade flows, they have not led to a surge in US insolvencies. Instead, large firms benefited as exporters moderated prices and goods were rerouted through countries such as India and Vietnam, while tariffs provided protection for US domestic firms from foreign competition. In early 2025, US insolvencies were about 4% lower due to tariff effects; however, rising input costs later outweighed those gains, leaving a net +4% increase for 2025 as a whole. Allianz Trade expects US insolvencies to rise by 9% by the end of 2025 as cost pressures and weaker demand persist, with a further ~4,500 potential bankruptcies if the AI-driven boom falters. To read Insurance Business' article, go to https://www.insurancebusinessmag.com/us/news/breaking-news/global-insolvencies-to-peak-in-2026-amid-trade-shifts--allianz-553700.aspx.

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BPL launches BPL Impact, a £1.2 million, three-year commitment to charities and communities. BPL has launched BPL Impact, a strategic programme to scale the firm's commitment to charitable giving and community engagement. As part of the initiative, BPL has pledged a minimum of £1.2 million over the next three years to support causes closely connected to its people and purpose. The strategy launches with a core group of headline charity partners. These include the East End Community Foundation, which funds frontline organisations working to tackle inequality across Hackney, Tower Hamlets and Newham; Insulate Ukraine, a charity delivering cost-effective and shatterproof insulated windows for homes damaged in the conflict; and WeSeeHope, which partners with community-based organisations across Southern and Eastern Africa to equip vulnerable children and families with skills to build sustainable futures. To read BPL's news release, go to https://bpl-insurance.com/insight/bpl-launches-bpl-impact-with-1-2-million-three-year-commitment-to-charities-and-communities/.

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Crédito y Caución announces a strategic partnership with Alibaba.com. Crédito y Caución, the Atradius brand in Spain, has entered into a strategic alliance with Alibaba.com, enabling Crédito y Caución clients in Spain to join Alibaba.com without incurring any entry costs. The new service targets both companies already exporting and those considering expanding their operations abroad. Participating businesses will receive tailored support from Alibaba.com, guiding them through setting up their store on the platform and managing their commercial activities. ​​The agreement also includes Atradius Collections. Martijn Brouwer, Global Commercial Director at Atradius Collections, commented: "By combining Atradius Collections' local expertise in credit management and debt recovery with Alibaba.com's powerful global e-commerce platform, we've created a secure trading environment." To read Atradius' news release, go to https://atradius.co.uk/knowledge-and-research/news/agreement-with-alibabacom.

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The UK retail sector continues to struggle. A new report by Tokio Marine HCC has warned that, although UK retail sales increased modestly during the summer months, the sector is still not performing well. According to data from the Office for National Statistics, although retail sales volumes rose by 0.5% m/m in August, marking a third straight monthly gain, volumes have not regained their March 2025 peak and sit 2.1% below the pre-COVID level of February 2020. Data from the British Retail Consortium (BRC) also shows ongoing problems. Footfall continued to drop in August (-0.4% in year-on-year y/y terms), following a similar contraction in July. Furthermore, in August 2025, the share of online retail (excluding automotive fuel) in total UK retail sales stood at 27.6%, compared with 27.1% one year earlier. Looking ahead to 2026, Tokio Marine HCC warns that "the macroeconomic outlook is lacklustre, at best". To read Tokio Marine HCC's report, go to https://www.tmhcc.com/en/news-and-articles/thought-leadership/uk-retail-sector-report-oct-2025. 

 

The global economy has shown "surprising resilience". Coface's latest Risk Review advises that the global economy absorbed much of the trade turbulence in 2025, but warns that the lagged effects will spread in the coming quarters. Many companies mitigated the shock by rerouting supply chains, adjusting pricing and diversifying markets, while the US was cushioned by strong AI-related investment. However, the first negative signs for activity, employment and inflation are appearing in the US, heralding a gradual transfer of the harmful effects. Coface now forecasts global growth of +2.6% in 2025 (revised upwards slightly), followed by +2.4% in 2026. The US is holding up better than expected for the time being. In contrast, China's growth is expected to continue to slow, and eurozone growth will remain sluggish – despite a minor rebound in Germany. To read Coface's news release, go to https://www.coface.com/news-economy-and-insights/coface-risk-review-october-2025-the-calm-during-the-storm.​

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Allianz Trade forecasts a modest decline in UK insolvencies, although figures remain well above pre-pandemic norms. Allianz Trade's latest Insolvency Report predicts that 27,650 UK businesses will become insolvent in 2025, a figure that remains just shy of the 12-year record of 28,100 cases posted in 2024. However, despite this, the UK is still faring better than many of its global counterparts: while global insolvencies are forecast to rise by +6% in 2025 and +5% in 2026, the UK is expected to plateau at around 31% above pre-pandemic levels through 2024 and 2025. Allianz Trade notes that this is a sign of relative resilience compared to export-driven economies such as France, Spain and Canada, which are facing sharper increases. Looking ahead, Allianz Trade forecasts a modest decline in UK insolvencies: 25,900 cases in 2026 (-3%) and 24,500 in 2027 (-5%), although these figures will remain well above pre-pandemic norms – 26% and 20% higher, respectively. To read Allianz Trade's news release, go to https://www.allianz-trade.com/en_GB/newsroom/2025-allianz-trade-insolvency-rreport.html.

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Atradius warns that its insolvency forecast has deteriorated. Year-to-date 2025 insolvency projections have been revised upwards in all regions from Atradius' April outlook. In its latest Insolvency Outlook, Atradius now projects global cases up 5% in 2025, followed by a 3% decline in 2026. Regionally, North America is expected to see a 5% rise in insolvencies in both 2025 and 2026 as tariffs weigh on the US and Canada. Within this, the US is forecast at +6% in 2025 and +7% in 2026, while in Canada, due to the exceptionally high level of insolvencies in 2024, Atradius' forecast indicates a 17% year-on-year decline for 2025. In Europe, where tariff effects are milder, Atradius expects a 3% increase in insolvencies in 2025, followed by a 7% decline in 2026. In the Asia-Pacific region, insolvencies are forecast to rise by 7% in 2025, followed by a sharp 20% decline in 2026 as insolvencies adjust down from historically high levels. To read Atradius' news release, go to https://atradius.co.uk/knowledge-and-research/reports/economic-research-insolvency-outlook-oct-2025.

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Credendo launches a new service to support Belgian exporters. Credendo is launching a new service, Credendo Export Finance Solutions, in early November, aimed at exporters of capital goods and related services with a Belgian interest, in particular SMEs. Credendo Export Finance Solutions aims to support exporters by providing tailored advice, high-level credit structuring, and top-tier support throughout transactions and in the search for the ideal financial partner. Exporters who encounter difficulties in obtaining financing for their export contracts can also contact Credendo to obtain the necessary resources. In practical terms, the service works by partnering with clients to identify the most appropriate structure for their transaction, enabling them to secure financing and manage political and commercial risks. Credendo can then cover the export contract up to 95% or 98%. To find the best financing options, Credendo draws on its network of financial institutions or, where necessary, provides financing solutions through its forfaiting and Credendo buyer credit. To read Credendo's news release, go to https://credendo.com/en/knowledge-hub/credendo-launches-new-service-support-belgian-exporters.

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Atradius downgrades global growth to 2.7% in 2025 and 2.5% in 2026. New analysis by Atradius projects that global growth will be 2.7% in 2025 and 2.5% in 2026 – a downward revision for 2026 of 0.3 percentage points compared to Atradius' previous April Insolvency Outlook. Although the global economy proved resilient this year amid higher policy uncertainty and trade tariffs, in 2026, Atradius expects the negative impact of rising tariffs will be felt more clearly, particularly in the US.​ For the US economy, Atradius predicts 1.9% growth in 2025 and 2.0% in 2026. Due to tariffs and policy uncertainty, growth was revised down by a cumulative 0.6 percentage points in both years. ​The eurozone is expected to grow modestly by 1.2% in 2025 and 0.8% in 2026, as the negative effects of tariffs become more pronounced. Germany shows the weakest growth of all the major eurozone countries in 2025. By comparison, countries in southern Europe are demonstrating relatively strong GDP figures. To read Atradius' news release, go to https://atradius.co.uk/knowledge-and-research/reports/economic-research-insolvency-outlook-oct-2025.

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How agentic AI marks a step-change in how insurers run their core operations. Tinubu has published a white paper on how agentic AI represents a step change for trade credit insurers. Instead of small efficiency tweaks, the paper's author, Yvan Saule, CTO at Tinubu, notes that agentic AI re-architects underwriting, claims, and policy migration workflows, enabling a fundamental transformation of operating models. Early users report 40–60% faster cycle times, but the deeper impact lies in competitive advantage: faster product launches, embedded intelligence in distribution, and differentiated customer experiences. However, he cautions that the downside is that once everyone uses AI, the technology itself becomes a new risk surface. Shared vendors/models can create correlated errors and feedback loops; poorly set objectives can misdirect decisions; and over-automation can de-skill teams. Tinubu's paper explores how to deploy agentic AI that performs in production while governing it to remain trustworthy. To download Tinubu's paper, go to https://www.tinubu.com/agentic-ai-specialty-insurance-whitepaper.

Latin America corporate payment survey: longer payment terms and rising delays. Coface's 2025 Latin America Corporate Payment Survey finds companies extending payment terms and facing more frequent delays in a fragile economy. The average payment period rose from 53 to 59 days; 86% of firms sell on credit. Late payments are now reported by 77% of companies (up from 51% in 2024), though the average delay shortened to 42 days from 52, suggesting quicker resolution in some sectors. Brazil has the longest payment terms (66 days); Ecuador the longest delays (70 days). Main reasons cited include weak demand, intense competition and high financing costs, with tight credit conditions particularly in Brazil and Colombia. Despite this, nearly 70% of respondents expect business conditions to improve in 2026, while noting risks from slow growth, high rates and exchange-rate volatility. To read Coface's news release, go to https://www.coface.com/news-economy-and-insights/2025-latin-america-corporate-payment-survey-longer-payment-terms-and-rising-delays. 

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​BPL offers new capital management strategies for banks, investors and insurers. BPL has launched a Funded Solutions team offering insurance-related capital and credit management strategies, including repackagings ("repacks"), for a wide range of financial institutions. The product will be targeted at existing credit-insurance customers and new entrants across banks, insurers, asset managers and investors. The team will provide a platform for cash-collateralised, insured risk-participation transactions: risk sellers can manage capital and credit allocations more efficiently, while risk buyers gain access to low-risk assets at enhanced yield. Credit insurers can deepen relationships and develop their books in line with current objectives. BPL's Funded Solutions team will continue to serve banking clients and concurrently expand its offering to institutional investors, a relatively untapped credit insurance client base. To read BPL's news release, go to https://bpl-insurance.com/insight/bpl-unveils-funded-solutions-team/.

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Coface and LSEG join forces. Coface has announced a strategic partnership with LSEG (London Stock Exchange Group), now live through the integration of Compliance Screening within Urba360, Coface's risk management platform. Ahead of the launch, Coface published an interview with the project team behind this partnership to explore what this collaboration means for businesses. Alexander Tame (Senior Channel Partner Manager, Risk Intelligence LSEG), Giulia Branduardi (Group Head of Partnerships – Business Information), and Felipe Henao (GTM Director – Business Information, Coface) note that by integrating World-Check One (a risk intelligence database used in screening programs for KYC, AML, counter-terrorist financing, sanctions, and anti-bribery and corruption compliance) into Coface's offering, companies of all sizes gain access to tools that help them screen partners and mitigate risk. To read Coface's article, go to https://business-information.coface.com/blog-articles/blog-5-empowering-smarter-business-decisions-coface-and-lseg-join-forces.

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2025 UK Sector Outlooks: Allianz Trade has published four papers on four key UK sectors: agrifood, construction, manufacturing, and retail.

• Agrifood: The UK industry contributes almost £146 billion annually to the UK economy, generating exports of over £24 billion in 2023, according to ONS. Globally, the agriculture sector is forecast to grow to US$21 trillion by 2030, with food and beverage processing adding a further US$10 trillion. According to the latest Allianz Trade Atlas, the UK agrifood sector is considered medium risk. 

• ​Construction: According to the ONS, total UK construction output is estimated to have grown by 0.6% in the three months to July 2025. However, growth remains fragile, and the sector is classified as high risk. While the number of construction firms entering insolvency in the 12 months to March 2025 fell by -4.3% year-on-year, the sector still accounted for 17% of all corporate insolvencies in England and Wales. Allianz Research forecasts that construction insolvencies will fall by a further -8% in 2025 and -7% in 2026. While a modest improvement, the total number remains nearly 28% above pre-pandemic levels.​​

• Manufacturing: UK manufacturing performance has been mixed in 2025. Having grown in the first quarter, manufacturing output contracted by 1.1% in the three months to July, its sharpest monthly decline in a year, according to ONS. Little improvement is expected for the remainder of this year. The UK automotive sector, in particular, is under pressure and is currently assessed as high risk by Allianz Trade's latest Sector Atlas. Other key manufacturing subsectors, including household equipment, electronics, and machinery manufacturers, are deemed sensitive to risk and have an unfavourable outlook.

• Retail: According to the latest Allianz Trade Sector Atlas, the UK retail sector is rated 'sensitive risk', with structural weaknesses leading to an unfavourable credit outlook. Amid already thin margins, the solvency situation of UK retailers is under growing pressure, with smaller corporates potentially facing solvency issues. 

To read Allianz Trade's sector reports, go to https://www.allianz-trade.com/en_GB/insights/economic-research/2025-uk-sector-outlooks.html.

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