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ICISA welcomes the European Commission's planned withdrawal of Late Payment Regulation. The European Commission has included its proposed Late Payment Regulation among legislation earmarked for withdrawal in its 2027 Work Programme, citing opposition from a significant number of member states. ICISA has played an active role in challenging the proposal, particularly its proposed 30-day payment limit for business transactions. Drawing on research from Allianz Trade and other members, the association warned that restricting commercial payment terms could create additional financing requirements of up to €2 trillion for SMEs. Welcoming the announcement, ICISA stressed that late payment remains a serious problem but urged policymakers to address its underlying causes and take practical measures to strengthen business resilience while preserving commercial flexibility. To read the European Commission's 2027 Work Programme, including its proposed withdrawals, go to https://commission.europa.eu/document/download/9ad0afe2-f9a8-46e9-bd3b-74c2de496c48_en?filename=COM_2026_710_1_annexe_EN.pdf.

NCI highlights low recoveries for unsecured creditors following Australian liquidations. National Credit Insurance (NCI) has highlighted findings from a new Australian Securities and Investments Commission (ASIC) report showing that only 5.3% of finalised insolvent liquidations paid a dividend to ordinary unsecured creditors. Where dividends were paid, the median return was just 9.8 cents in the dollar. ASIC examined 26,664 grouped liquidation appointments between July 2021 and June 2025 and found that around half of finalised cases realised no more than A$10,000 in gross assets. NCI says the findings underline the importance of monitoring customers, reviewing credit limits and protecting receivables through trade credit insurance, subject to policy terms. To read NCI's news release, go to https://www.nci.com.au/news/asic-liquidations-unsecured-creditors-paid-nothing/.

 

Coface forecasts global GDP growth of 2.5% in 2026 and 2.6% in 2027. Coface expects the global economy to remain broadly resilient, supported partly by AI-related investment, despite mounting geopolitical and economic uncertainty. However, its latest Risk Review warns that the prolonged Middle East conflict is placing renewed pressure on commodity prices, financial conditions and global economic activity. With oil prices exceeding $100 a barrel in September, Coface estimates the conflict will reduce global growth by 0.5 percentage points in 2026 and 2027, while also increasing the risk of another inflation shock. Reflecting these heightened risks, Coface has downgraded its country risk assessments for Saudi Arabia, the United Arab Emirates and Qatar, alongside agri-food sector downgrades in six countries. To read Coface's news release, which links to the full report, go to https://www.coface.com/news-economy-and-insights/risk-review-october-2026-rates-against-the-machine.

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Atradius warns global sector credit risks are deteriorating. Atradius' Q4 2026 industry outlook places 217 of 555 sector-market assessments in its high-risk category, up 23 from January. Of the remainder, 199 are rated moderate risk and 139 low risk. Construction, metals and steel, and textiles face the weakest outlooks, while food, pharmaceuticals, financial services, electronics/ICT and agriculture fare better. In Europe, Atradius has downgraded French metals and steel, Spanish paper and transport, and Hungarian agriculture and food since July. It expects credit insurance claims in Hungary's agricultural sector to increase as drought, high costs and falling output squeeze margins. The insurer emphasises that individual buyers, rather than entire sectors, determine credit risk. To read Atradius' Q4 industry outlook, go to https://atradius.co.uk/knowledge-and-research/news/performance-outlook-for-over-500-industries-globally-q4-2026.

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Allianz Trade forecasts further rises in global business insolvencies through 2027. Its latest Insolvency Report predicts a 5% increase in 2026 and a further 1% in 2027, following 6% growth in 2025. It cites underperforming economic growth, high energy costs and prolonged elevated interest rates as key pressures on businesses. The insurer estimates that approximately 2.7 million jobs are directly at risk in 2026 and 2027, with Europe accounting for almost 60%. Construction, retail and services are the most exposed sectors. While AI adoption is not yet correlated with insolvency trends overall, Allianz Trade identifies potential risks in smaller, less diversified markets where adoption varies between businesses. To read Allianz Trade's news release, with a link to the full report, go to https://www.allianz-trade.com/en_global/news-insights/news/insolvency-report-271026.html.​
 

​Atradius highlights continued pressure on UK construction, retail and metals. Its Q4 2026 Industry Highlights report assesses nine UK sectors, identifying weak demand and rising costs among key challenges. Atradius expects insolvency risk to remain elevated in housebuilding and groundworks, with construction activity constrained by project delays and limited new starts. It expects difficult conditions in metals to persist into 2027, while retailers face weak consumer confidence, rising employment costs and a challenging Christmas trading period. In contrast, the credit insurer maintains a positive outlook and supportive underwriting stance towards ICT, citing demand linked to AI, cloud migration and cybersecurity. It also identifies selective opportunities in parts of the engineering sector. To read Atradius' news release, with a link to the full report, go to https://atradius.co.uk/knowledge-and-research/reports/atradius-industry-highlights-2026-q4.
 

Coface reports €155.5 million nine-month profit as large credit insurance claims return. Coface reported net income attributable to the group of €155.5 million for the first nine months of 2026, down 11.8% year on year, while revenue rose 1.9% to €1.41 billion. Credit insurance revenue increased by 0.9% at constant exchange rates and scope, with new business reaching a record €105 million. Although the net loss ratio improved by 1.9 percentage points to 37.7%, the combined ratio rose by 0.5 percentage points to 72.4%. Coface also reported a return of large claims in Q3, with claim numbers 0.9% below their Q3 2019 level but amounts provisioned 10.8% higher. Chief Executive Xavier Durand warned that corporate defaults remained at a record high, resulting in larger credit insurance claims. To read Coface's news release, go to https://www.coface.com/news-economy-and-insights/q3-2026-results-coface-delivers-a-solid-net-income-of-155.5m-in-an-increasingly-uncertain-environment.

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UK construction insolvencies remain elevated as weak orders delay recovery. Tokio Marine HCC's October 2026 Trade Credit Construction Report says 3,866 construction insolvencies were recorded in England and Wales in the 12 months to August, representing 17% of all company insolvencies. Construction output fell 0.5% in the three months to July, while second-quarter new orders dropped 18.1% year on year. The report identifies weak orders and higher borrowing costs as key constraints, with the construction purchasing managers' index signalling a 21-month contraction. Energy, water, transport and data centres remain areas of growth, but uncertainty surrounding the forthcoming UK Budget and global stability is delaying projects, despite a substantial pipeline of planned construction work. To read Tokio Marine HCC's report, go to https://www.tmhcc.com/en/news-and-articles/thought-leadership/trade-credit-construction-report-october-2026.

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AIG highlights the role of non-cancellable credit limits in managing payment risk. AIG has outlined how non-cancellable credit limits and data-driven credit management can help businesses manage customer non-payment risks. In an article published on 27 October, AIG trade credit specialist Jack Woodruff explains that non-cancellable limits provide greater certainty that approved cover will remain in place despite changing economic conditions, subject to policy terms. Corine Troncy, AIG's Global Head of Trade Credit, notes that economic cycles are shortening across global markets, making timely credit information increasingly important. AIG also highlights its TradEnable Xtra platform, which enables businesses to compare their customer ledgers with the insurer's historical claims, payment and macroeconomic data to identify emerging risks. To read AIG's article, go to https://www.aig.co.uk/home/news/insight-page/the-cost-of-non-payment.

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Congratulations to . . .​
Coface on being ranked fourth in the World's Most Trustworthy Companies 2026 list in the Insurance category by the American magazine Newsweek. The ranking recognises a total of 1,000 listed companies across 23 different sectors, all of which have their headquarters in one of the 20 countries covered by the study. Coface is the first and only French company to feature amongst the 28 insurers on this list, which measures the trust of clients, investors and employees.

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Bondaval on securing 21st place in the 2026 Deloitte UK Technology Fast 50, which recognises the country's fastest-growing technology companies. Bondaval achieved an impressive 1,899% revenue growth over three years, ranking 8th in the FinTech category. Bondaval was also 16th among the London-based companies in the ranking. What makes Bondaval's inclusion particularly noteworthy is that the awards are based on verified revenue growth rather than judges' opinions about innovation or business potential.

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Company Watch and Atradius Collections on being represented among the finalists for the CICM British Credit Awards 2027. Company Watch has been shortlisted for Supplier of the Year, while Samira Husein of Atradius Collections is a finalist for the Rising Star Award. The awards recognise excellence and achievement across the credit management industry, with the winners to be announced at the ceremony on 4 February 2027. For Company Watch, the shortlisting follows the company being named Credit Data & Analytics Provider of the Year at the Credit Awards 2026, an award won largely on the strength of its Vigilance™ fraud and risk detection platform. 

 

Credit Insurance News on celebrating 14 years. It's hard to believe that 14 years have passed since the first edition of Credit Insurance News Digest. Over that time, I've been fortunate to receive so much support and encouragement along the way, and I'd like to say a sincere thank you to CIN's readers, sponsors, advertisers, and everyone who has contributed news, articles, and ideas over the years. I hope the publication continues to be a useful resource for the industry, and I'm very grateful to everyone who has helped keep it going. ​​​
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Trade Credit Insurance Industry Dinner 2026 

Trade Credit Insurance Industry Dinner 2026 – Hosted by SCHUMANN, London. 12 November 2026
An Evening of Inspiration, Networking & Meaningful Impact
On Thursday, 12th November 2026, SCHUMANN is delighted to host this year's annual Trade Credit Insurance
Industry Dinner 2026 – an exclusive event to celebrate industry achievements, strengthen professional relationships, and support a charitable cause.
Venue: City Central at the HAC – a premier venue in the City of London, providing an elegant setting for an exceptional evening.
Time: 6:30 PM – 1:00 AM

Evening Highlights:

• Live music – An evening enriched by captivating performances

• Gourmet dining and drinks – A premium menu with soft and alcoholic beverages included

• Dress code: Black Tie – Formal attire recommended for an evening of sophistication

An Evening with Purpose:
The event supports Akwaaba Volunteers, a UK-registered charity dedicated to improving the lives of disadvantaged children in Accra, Ghana, through education, care, and community support. Your participation in the dinner supports this meaningful initiative.
Tickets are now available. Find further details on the event page.
Secure your seat and join this special evening in the heart of London.

https://order.awesome-events.co.uk/events/trade-credit-insurance-industry-dinner-2026.

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​​​​​​New Appointments​

Allianz Trade has appointed Edouard Lavigne as Program Credit Manager in Paris. He previously served as Senior International & Mid-Term Risk Underwriter at Allianz Trade, a position he had held since April 2022. Before joining Allianz Trade, Edouard spent nearly five years as a Risk Underwriter at Tinubu Square.

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Attis Credit Solutions has appointed Nathan Muffett as a Client Manager, based in Leeds. Nathan previously spent nearly six years at Xenia Broking, most recently as Account Manager from January 2025 to October 2026, having initially joined as Account Broker in January 2021. Earlier in his career, he held client advisory roles at Aon and Acumen Credit Insurance Brokers.
 

Bondaval has appointed Reilly Jordan as Senior Underwriter. Reilly joins Bondaval in the US, having previously served as Director – Trade Credit at WTW for two years. Before joining WTW, he spent more than eight years at Allianz Trade in North America, holding several underwriting and broker management positions. Most recently, he was Senior Underwriter, XoL, having previously served as New Business Broker Manager and Renewal Business Broker Manager.

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Cartan Trade has announced the appointment of Natalie Pelczer as Senior Risk Underwriter. Natalie began her career at Atradius in Cardiff and has subsequently held underwriting positions at Allianz Trade, Nexus and AIG, including international experience in Paris and Brussels. Most recently, she worked at AIG as a Senior Underwriter, Strategic & Multinational Trade Credit.

 

Coface has appointed Gina Delo as Business Information Global Sales & Broker Channel Lead. Gina moved into the role after serving as Head of Broker Relations – Business Information Sales since October 2024. She joined Coface in April 2022 as Business Development Manager, following nearly six years at Atradius Collections, where she held several sales and business development roles, most recently as Strategic Sales Manager.

 

Credendo – Trade Credit Insurance has announced the appointment of two new independent directors to its board: Marleen Teunen, Senior Counsel Retail Bank & Insurance at BNP Paribas Fortis and Lecturer in Life Insurance Mathematics at KU Leuven, and Jan Van Hove, Professor of European and International Economics at KU Leuven. Véronique Léonard continues to serve as the third independent director of Credendo – Trade Credit Insurance.

Diot-Siaci Crédit has promoted Ben Goldstein as Director of International Development. Ben has been with the credit insurance broker since May 2014, most recently serving as International Account Director and Partner. He previously held the position of Head of Account Management and Partner, having joined from Allianz Trade, where he was Regional Director of Account Management. Ben also serves as Executive President of the International Credit Brokers Alliance (ICBA), a position he has held since May 2026.

Diot-Siaci Crédit has appointed Theo Forbes as Client Director, based in London. Theo joins Diot-Siaci following nearly five years at Aon, where he most recently served as Senior Client Manager. During his time at Aon, he also held the positions of Client Manager and Client Executive. Earlier in his career, he worked as a Client Advisor at Marsh.

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Gallagher has appointed Maia Busby-Dawson as an Account Executive in its London team. Maia joined in October and will be responsible for key multinational accounts, working alongside Aaron Hill. She joins from Kerry London, where she was a Surety Broker. Previously, she spent nearly three years at Aon, most recently as Senior Client Manager, Global Trade Credit, and held earlier trade credit roles at PIB Insurance Brokers and Atradius.

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Lockton has appointed Michael Maxwell as a Business Development Executive – Trade Credit, based in Northern Ireland. Michael previously served as Relationship Manager from September 2025. He has been with Lockton since October 2019, initially spending nearly six years as Corporate Account Manager before moving into relationship management.
 

Markel International has appointed Kevin O'Regan as Trade Credit Underwriter, based in London. Kevin previously spent nearly three years at AIG, most recently as Senior Trade Credit Underwriter – Middle Market. Earlier in his career, he held commercial underwriting and operations roles at Liberty Financial in Australia.

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Marsh has appointed Juan Bernal Bela as Trade Credit Practice Leader in Spain. Juan has been promoted to the role within Marsh Risk, having spent 18 years with the company. He began his career at Marsh as a junior in its Credit Specialties division and has since held a number of increasingly senior positions, most recently as Director.

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Specialist Risk Group Australia has appointed Simon McMahon as a Partner. Simon joined Specialist Risk Group Australia in Sydney, following more than four years at Aon in Structured Credit & Surety Solutions. Previously, he was Country Head of Transactional Risk Management and Credit Insurance at HSBC from 2018 to July 2022. 

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TL Dallas has appointed Derek Chissell as Trade Credit Account Executive. Derek joined TL Dallas & Co Ltd in northeast Scotland in October 2026, following a 13-year career with Bank of Scotland, where he was most recently Senior Bank Manager. ​​​