Three trade credit insurers represent a 65% share of the total global market. AU Group's latest Global Credit Insurance Market Survey reports that the credit insurance market (total market premium estimated as approx. €10.5 billion) remains dominated by three "global" insurers with more than 65% of the total global market. As of 31 December 2024. AU Group calculates that Allianz Trade is the largest credit insurer, with a 31% market share, followed by Atradius with 22% and Coface with 14%. Niche insurers, characterised by expertise in products such as excess of loss, shared excess cover, top-up, single risk, single buyer, e-commerce, make up the remainder. To read AU Group's report, go to https://au-group.com/en/studies-and-publications/global-credit-insurance-market-survey-2025.​​

What EIOPA's new framework means for trade credit and surety providers. Following the European Insurance and Occupational Pensions Authority's (EIOPA) recent opinion on AI governance and risk management, Daniel de Burca, Head of Policy and Regulatory Affairs at ICISA, has published an article that suggests (re)insurers should take note of the new framework's likely impact on supervisory expectations and the use of AI systems in the insurance sector. He notes that, while each (re)insurer must develop governance approaches suited to their specific business model and risk management processes, the opinion provides a helpful reminder of the core principles expected by supervisors. In addition, it acts as "a useful map for those starting on the AI journey to remind them of the necessities outside of the purely technical considerations." To read ICISA's article, go to https://icisa.org/news/ai-governance-in-insurance-what-eiopas-new-framework-means-for-trade-credit-and-surety-providers/.

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Webinar and report: Kickstarting trade credit insurance in Africa. Tinubu has released a webinar in which Fanny Beaumont (Tinubu), Richard Wulff (ICISA), and Amol Chandratreya (SBI General Insurance) share real-world experiences and actionable frameworks from Africa and other emerging markets. This conversation focuses on why Africa's trade credit insurance moment is now, the factors that made SBI General Insurance's trade credit insurance launch in India a success, as well as how to reduce risk and go to market faster with the right tools and partners. 
Tinubu has also released a report, 'Focus on Africa: Kickstarting Trade Credit Insurance is easier than you think',  co-authored by Richard, Fanny Beaumont and Benjamin Le Forestier (Tinubu), which notes that, although sceptics might question whether trade credit insurance can take off in emerging markets, evidence from North Africa suggests otherwise. For example, in Morocco, approximately 600 firms now utilise credit insurance, with insured trade flows estimated at  7% of Morocco's GDP – a significant penetration rate compared to other MENA countries. 

For the webinar replay: https://bit.ly/4pas1oq

For the whitepaper: https://bit.ly/4nLRns7

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The outlook for the UK economy is "tepid" with increased risk of non-payment. Allianz Trade's Mid-Year Economic Outlook projects only modest GDP growth of 0.9% in 2025, edging up to 1.2% in 2026. Headwinds include the spillover from US trade policy, alongside domestic pressures such as potential tax rises, persistent inflation and elevated borrowing costs. Although insolvencies have eased this year, they remain above pre-pandemic levels, and payment behaviour is deteriorating. Over half of UK firms (56%) expect non-payment risk to rise over the next 6-12 months (vs 48% globally). Around 75% of UK companies are paid between 30-70 days (vs 70% worldwide), with manufacturers and larger firms waiting the longest. The result: big companies are increasingly acting as "invisible banks" to smaller suppliers. To read Allianz Trade's Outlook, go to https://www.allianz-trade.com/en_GB/insights/economic-research/mid-year-economic-outlook-majority-of-uk-firms-expect-increase-in-non-payment-risk.html.

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A surge in B2B payment delays and bad debts is sparking a cash flow strain in India. Atradius' latest analysis of B2B payment trends in India warns that a significant rise in payment delays is casting a shadow over the corporate liquidity management of companies across India. Nearly three in five firms report deteriorating customer payment behaviour, and overdue invoices now affect an average of 63% of all credit-based B2B sales. The primary reasons behind late payments are customer liquidity constraints and supply chain disruptions. Bad debts have also risen to an average of 7% of B2B invoices. 72% of companies across various industries expect B2B customer insolvencies to increase in the coming months. To read Atradius' research, go to https://atradius.co.uk/knowledge-and-research/reports/b2b-payment-practices-trends-india-2025.

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Treat regulation as a roadmap, not a hurdle. Daniel de Burca, Head of Policy and Regulatory Affairs at ICISA, has published an article advising that although the efficiency gains from using AI are real, for trade credit insurers and surety, simply "checking the compliance box" is not enough. Furthermore, AI models are only as good as their inputs, and trade credit insurers must ensure that they not only apply strong governance and ethical frameworks but that the third parties they work with uphold the same high standards. Regulatory frameworks can serve as a map to success in AI deployment, rather than a compliance hurdle, and, when done well, AI governance can enhance operational resilience, sharpen underwriting discipline, and open doors to new business segments. To read ICISA's article, go to https://icisa.org/news/beyond-compliance-embedding-ai-governance-in-trade-credit-and-surety/.

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Tariffs and uncertainty keep global growth subdued. Atradius' latest Economic Outlook forecasts that global growth will remain subdued at 2.4% in both 2025 and 2026, representing a downward growth revision for all major markets. Advanced economies are expected to grow at a modest pace of 1.3% in both 2025 and 2026, while the outlook for emerging market economies (3.8% growth across EMEs in 2025 and 3.6% in 2026) is on average stronger. However, it remains weak by historical standards. The Outlook also suggests that, although global trade showed robust growth in Q1 of 2025 as a result of the frontloading of export orders, trade growth is slowing significantly this year, to around 1%, as a result of the tariff escalation and policy uncertainty. Trade growth will be particularly weak in the US, Canada and Mexico, and to a lesser extent, Europe and China. Atradius then anticipates slightly higher trade growth in 2026, around 2%, as the global economy adjusts to the tariff shock. To read Atradius' Outlook, go to https://atradius.co.uk/knowledge-and-research/news/tariffs-and-uncertainty-undermine-global-growth.

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​ICISA Spotlight on Kirk Cheesman. A recent WICI (Women in Credit Insurance) Spotlight from ICISA features Kirk Cheesman, Group Managing Director of NCI (the largest broker in Australia), in which Kirk shares some of the principles shaping his leadership. He notes that one of the most important lessons he has learned is to embrace change. He says, however, that this doesn't mean constant job-hopping, but instead evolving, moving with change and succession within a business to continuously re-energise and maintain successful growth. To keep developing, he advises looking beyond your own industry and studying other companies, sports teams, clients and suppliers to learn what works (and doesn't). He adds that his progress in the industry came from hard work, being a "sponge," saying yes to opportunities, and setting visible annual goals that are reviewed quarterly. To read ICISA's article, go to https://icisa.org/news/wici-spotlight-on-kirk-cheesman/.

Allianz Trade CEO highlights the benefits of AI in credit insurance and the impact of risk cultures on credit insurance penetration rates. IIR (Insurance Innovation Reporter) has published an article in which Sarrah Murrow, CEO of Allianz Trade Americas, advises how AI is freeing Allianz Trade staff for higher-value work, with the company even using a firewall-protected "Allianz ChatGPT." She stresses that technology should augment – not replace – human judgment, with the aim "to deliver a better result to our customers, not for the sole purpose of driving productivity or efficiency." She also notes that credit insurance market penetration varies widely: approximately 20-30% of firms use credit insurance in Belgium, France, and Spain, compared to roughly 5-7% in the US, reflecting different risk cultures. To read IIR's article, go to https://iireporter.com/allianz-trade-ceo-highlights-ai-driven-growth-in-credit-insurance/.

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Subdued growth outlook in Latin America and the Caribbean. Atradius' Economic Outlook — Latin America & the Caribbean July 2025 projects that economic growth in Latin America and the Caribbean (LAC) will rise from 1.7% in 2024 to 2.1% in 2025, then ease to 1.8% in 2026, keeping it the slowest-growing emerging market region. Growth is shaped by divergent dynamics in the region's three largest economies: Argentina (rebounding from recession), Brazil (dragged down by high interest rates and political uncertainty), and Mexico (facing investor concerns over judicial quality and fallout from US policy changes under President Trump). To read Atradius' Outlook, go to https://atradius.co.uk/knowledge-and-research/reports/economic-research-regional-outlook-lac-2025.

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Food & drink sector failures were down in 2024, but are stagnating in 2025. Tokio Marine HCC has published a report by Arwel Roberts on the UK food & drinks sector, which notes that most food-related sub-sectors saw a reduction in insolvencies in 2024. Notable declines included the manufacture of drinks (down 11%), the manufacture of food products (down 18%), the retail sale of food and beverages (down 22%), and food and beverage service activities, which includes pubs and restaurants (down 6%). However, the positive trend appears to have ended in 2025, with data from the Insolvency Service for January to April showing that the total number of business failures has stagnated, with some food sub-sectors reporting increases again. Crop and animal production has seen another 25% y/y increase, after four consecutive years of rising business failures. Manufacture of food (+53% y/y in Jan-Apr 2025) and retail sale of food beverages (up by 6%) are also on a deteriorating trend again. To read Tokio Marine HCC's report, go to https://www.tmhcc.com/en/news-and-articles/thought-leadership/trade-credit-uk-food-and-drink-report-2025.​

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​ICISA Spotlight on Martina Montgomery. A recent WICI (Women in Credit Insurance) Spotlight from ICISA features Martina Montgomery, Branch Director at Aon. Martina notes that her favourite part of the job is the people: mentoring teams, collaborating with peers and helping clients solve complex problems that make a real difference. Her advice to aspiring leaders: lead from your values, be authentic, ask for help when you need it and treat leadership as a journey for growth, not a quest for perfection. Regarding industry challenges, she highlights economic uncertainty and rapid digital transformation, emphasising the need for agility, innovation, and ongoing investment in skills, talent, and community. To unwind, she heads outdoors or studies Spanish – and, for a day, she'd happily be Dame Mary Berry. To read ICISA's article, go to https://icisa.org/news/wici-spotlight-on-martina-montgomery/.​

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Bad debts cause concern in the UAE. Atradius' latest B2B payment practices report on the United Arab Emirates 2025 suggests a fragmented B2B payment landscape for companies across the region, with steady conditions for some, while others face increasing financial pressure. 43% of businesses report no recent change in how B2B customers pay, while the rest are almost evenly split between those seeing quicker payments and those facing delays. Overdue invoices currently affect 58% of B2B sales, with delays driven mainly by administrative inefficiencies in customer payment processes. A more significant concern is the rise in bad debts. Slightly more than half of firms report bad debts capped at 5% of overdue B2B invoices, while the remaining businesses face write-offs ranging from 6% to 10%. This brings the average rate to 8%. https://group.atradius.com/knowledge-and-research/reports/b2b-payment-practices-trends-united-arab-emirates-2025.​​

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CIN Shorts & Congratulations

ICISA has announced the birth of its newest group: the North America Committee (NAC) to further the development of trade credit insurance and political risk insurance in North America and address issues and concerns particular to the region. The committee will also suggest advocacy and media-related initiatives, and produce studies and reports.

Company Watch has launched a new brand and website designed to reflect who Company Watch is now, "and not who we were ten years ago." Take a look at https://www.companywatch.net/. 

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Atradius UK has announced that it has launched a dedicated Surety branch. The London-based Surety team, now fully operational, aims to offer a comprehensive range of bonds and guarantees. Take a look at Atradius Surety launched in UK.​​

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Congratulations to SCHUMANN for being recognised as one of the best trainers in Germany. In the current Handelsblatt ranking "Best Trainers 2025", SCHUMANN achieved 6th place in their category (100 - 500 employees).

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Congratulations to Allianz Trade for being awarded the Gold Medal by EcoVadis in their 2025 sustainability assessment. This places Allianz Trade in the top 2% of all companies assessed globally in the past 12 months.​​

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Congratulations to Company Watch on being named in the list of the 2025 Top Most Loved Workplaces® for Wellness. This year's list is designed to celebrate companies where well-being is a foundation of culture. 

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Congratulations to Credendo on being confirmed for the third consecutive year as one of Belgium's most outstanding employers. This recognition is based on an independent meta-analysis by the Institute of Research & Data Aggregation, which evaluates employee satisfaction, HR expertise, benefits, CSR and values, health at work, reputation, and more.