extract study 2015_of_the_credit_insurance_market_augroup
TRANSCRIPT
SUMMARY1 - DIFFERENT INSURERS AND THEIR MARKET SHARE ........................... 2
Global market shares ........................................................................... 2
2 - FINANCIAL RESULTS OF THE LEADING PLAYERS IN 2014................ 3
Revenue (€m) ...................................................................................... 3
Net Profit (€m) ..................................................................................... 4
Loss Ratio and Combined Ratio (%) .................................................... 5
Net Equity (€m) .................................................................................... 6
Staff .................................................................................................... 6
Reinsurance ........................................................................................ 6
3 - FINANCIAL RATINGS ....................................................................................... 7
1 DIFFERENT INSURERS AND THEIR MARKET SHARE
Two main categories of insurers can be distinguished :
«Global» insurers, characterised by : • a strong international presence• detailed information on enormous numbers of buyers in their global databases• global capabilities in providing credit management servicesLeading insurers in this category: Atradius, Coface, Euler Hermes, QBE (for Asia and some other selected countries),
«Niche» insurers, characterised by expertise in :• particular products: excess of loss cover, top-up, single risk (e.g.: ACE, AIG, Equinox, Lloyd’s, Markel,
QBE, TCRe etc.)• certain geographical areas (e.g.: Credimundi, FCIA etc.)• differenttypesofrisk:politicalrisk,nontransfer(e.g.:Garant, Liberty Mutual, Lloyd’s etc.)
GLOBAL MARKET SHARES
In 2014, turnover breakdown of the leading insurers can be displayed as follows:
Thesizeofthecreditinsurancemarketisestimatedaround € 5.9 b (source: ICISA-2013). The Global market shares of main leaders is estimated at :
Others
2 ©AU Group2015 - Document prepared on the basis of information published by insurers
Insurance Credit
Others
Data taken from consolidated financial statements for 2014 (in M€)
3000
2500
2000
1500
500
0
1000
Euler Hermes CofaceAtradius
401
169 308
2 126
1 458 1 133
2 FINANCIAL RESULTS OF THE LEADING PLAYERS IN 2014
REVENUE (€m)
Once again, Euler Hermes sales have increased on a regular basis (since 6 years), reaching € 2.5 bn. Atradius posted the best growth in turnover (+3 %) reaching in excess of € 1.6 bn. Coface performance remain stable around € 1.4 bn revenue.
In a challenging economic environment, credit insurers have seen their overall performance deeply impacted by the global economic slowdown, as insurance premiums are often calculated on a rate applicable on sales.
(Please note that revenue includes premiums earned through credit insurance activity and, in some cases, sales from factoring, bonding and intelligence as well as enquiry and monitoring fees)
Thoseevolutionshidesomelargegeographicaldisparities,andimportantdifferencesinperformancesamong players.
3 ©AU Group2015 - Document prepared on the basis of information published by insurers
Euler Hermes CofaceAtradius