​​Small UK businesses are experiencing the longest late payment times since the pandemic. Late payments to UK small businesses surged over the three months from April to June, with payments delayed by more than a week on average, according to Xero Small Business Insights (XSBI) data. Payments to small businesses were, on average, 7.3 days late between April and June. This is an increase of 1.8 days compared to the March quarter and represents the largest quarterly increase for four years when pandemic uncertainty prompted a short-term spike. The largest increases in late payments were seen in two industries that are typically paid the fastest: retail trade (+3.1 days to 5.5 days) and hospitality (+3.0 days to 4.4 days). Small businesses also waited an average of 29.1 days to be paid over the last three months – 1.2 days longer than the previous quarter. To read Xero's news release, go to https://www.xero.com/uk/media-releases/uk-xsbi-data-apr-jun-2024/.

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Sharp rise in late payments as Scottish small business confidence dips. New research from the Federation of Small Businesses (FSB) reveals that Scotland's small firms have experienced a significant increase in late payments. FSB's Small Business Index (SBI) for Q2 2024 found that more than three-fifths of Scottish small businesses (62.5%) experienced issues with late payments – significantly more than in the previous quarter (57%) – while nearly a third of firms (32.29%) reported the problem was getting worse. Andrew McRae, FSB Scotland's Policy Chair, said: "Late payment has been a scourge on thousands of small businesses for far too long. The latest SBI results show it is a problem which, without decisive action, is spiralling out of control." To read the FSB's news release, go to https://www.fsb.org.uk/resources-page/sharp-rise-in-late-payments-as-scottish-small-business-confidence-dips.html.

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Over 600,000 UK firms face financial strain amidst a challenging economic climate. The latest Begbies Traynor "Red Flag Alert" research reveals that the number of UK companies in 'significant' financial distress jumped by nearly 10% in Q2 2024 to 601,950 businesses. This marked acceleration was driven significantly by the Travel & Tourism (+20.1%), Hotels & Accommodation (+16.4%) and Bars & Restaurants (+12.2%) sectors. Also, during Q2, 'critical' financial distress increased by 1.1% to 40,613 companies in the UK. This followed noticeable increases in the Automotive (+13.2%), Industrial Transportation & Logistics (+12.2%), Health & Education (+8.4%) and Bars & Restaurants (+7.3%) sectors. Companies from the Construction, Real Estate, Hospitality, Financial, and Support Services sectors account for nearly 50% of the businesses in 'critical' financial distress. To read Begbies Traynor's news release, go to https://www.begbies-traynorgroup.com/news/press-releases/over-600000-uk-firms-face-financial-strain-amidst-challenging-economic-climate.

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70% of UK consumers would be more likely to buy from businesses that pay their suppliers and small businesses on time. Xero's 'Settle Up' report found that 80% of UK consumers it surveyed believe there is no excuse for large firms to pay their suppliers late. The report also highlighted the public's shock at the issue's longevity. More than half (56%) are surprised governments have not introduced policies to stop big businesses from paying their small suppliers late, while 70% consider it a form of theft or bullying. Fair treatment of suppliers is becoming a core part of companies' ESG responsibilities, influencing consumer sentiment. For example, 70% of consumers would be more likely to buy from businesses that pay their suppliers and small businesses on time, with this considered a more important factor than supporting local charities (52%) and paying a fair amount of tax (56%). To read Xero's news release, with a link to the full report, go to https://www.xero.com/uk/media-releases/settle-up-late-payments-report/.

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UK corporate insolvencies are expected to rise this year – despite already reaching a three-decade high in 2023. PwC UK's latest Economic Outlook reported that the UK recorded nearly £27,000 in corporate insolvencies in 2023 – the highest level for over three decades and surpassing volumes during the Great Financial Crisis. PwC also expects corporate insolvency volumes to continue rising for a short period and notes that research by the Bank of England suggests that there are still a much larger number of firms in the process of dissolving than usual. PwC's modelling indicates that corporate insolvencies will reach 30,000 in 2024 – equivalent to around 7,500 a quarter. This would mean that, on an annual basis, insolvencies would reach another record high. To read PWC's news release, go to https://www.pwc.co.uk/press-room/press-releases/regions/northern-ireland/northern-ireland-leads-uk-regions--economic-growth--as-new-gover.html.

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July 2024's insolvency figures indicate a 52.2% increase in insolvencies compared to pre-pandemic levels. The latest data from the Insolvency Service has found that corporate insolvencies in England and Wales decreased by 7.3% in July 2024 to 2,191 but increased by 15.9% compared to July 2023's figure of 1,890. Compared to pre-pandemic levels in July 2019 (11,440), July 2024's figures indicate a 52.2% increase in insolvencies. President of R3, Tim Cooper, commented that corporate insolvencies were "the highest we've seen for this month since 2019" due to increases in Compulsory Liquidation, Administration, and Creditors' Voluntary Liquidation (CVL). CVLs continue to be the most common corporate insolvency process. To read R3's news release, go to https://www.r3.org.uk/press-policy-and-research/news/more/32171/r3-responds-to-july-2024-insolvency-statistics/.

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UK company insolvencies in July 2024 were 2% higher than in June. New data from Creditsafe has found that 2,443 companies in the UK became insolvent in July 2024 – a 2% increase compared to June but 2% lower than the same month in 2023. 16% of insolvencies in July came from within the UK construction sector, with the sector accounting for 17% of all company insolvencies in 2024. Creditsafe also notes that two sectors that traditionally see large numbers of business failures are Wholesale and Retail. The combined total of these sectors represented 28% of all insolvencies. To read Creditsafe's news release, go to https://www.creditsafe.com/gb/en/blog/reports/insolvencies.html.

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UK Economy & Exports

​The UK economy shows promising signs of growth. The UK economy showed signs of growth in July following a boost in manufacturing production and the start of the summer tourism season. This fuelled a sharp increase in output, according to the latest Business Trends report from BDO. Despite prevailing challenges, the BDO Output Index rose 2.67 points to 100.77 in July, driven by both manufacturing and services – two of the UK's major sectors. This marks its highest reading since July 2022, when the UK was still enjoying a post-pandemic recovery, and is the first time in two years that the Index has surpassed the 100-point threshold, indicating growth above historic trends. To read BDO's news release, go to https://www.bdo.co.uk/en-gb/news/2024/uk-economy-shows-promising-signs-of-growth-with-output-at-two-year-high.

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The UK economy had a strong start to 2024. The EY ITEM Club Summer Forecast predicts that UK GDP will grow by 1.1% this year – faster than previously thought – thanks to a stronger-than-expected start to 2024. The EY ITEM Club predictions are a significant upgrade from the 0.7% predicted in April's Spring Forecast and the modest 0.1% GDP growth seen in 2023. The latest forecast also expects this economic momentum to accelerate further next year, with 2% GDP growth expected in 2025 and 2026. Hywel Ball, EY UK Chair, said: "The opening months of 2024 delivered a stronger than anticipated economic performance and, with inflation predicted to remain relatively stable and consumer spending set to climb, growth should continue. The UK's economic recovery is underway, but it's expected to be more steady than spectacular." To read EY's news release, go to https://www.ey.com/en_uk/news/2024/07/uk-economy-had-a-strong-start-to-2024-with-gdp-growth.

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Will the UK achieve the government's objective of securing the highest sustained growth in the G7? PwC's latest UK Economic Outlook indicates that the UK economy will likely expand by around 1% this year, followed by faster growth in 2025 and 2026. According to PwC, this suggests that the UK is unlikely to meet the new Labour government's target of securing the highest sustained growth in the G7, as the UK has not achieved this on a sustained basis over the past few decades. Instead, PwC feels the UK will likely be the third fastest-growing economy, behind the US and Canada, over the next decade. This is broadly in line with its performance prior to the pandemic. To read PWC's news release, go to https://www.pwc.co.uk/press-room/press-releases/uk-economic-outlook-july-2024.html.

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Upgraded growth expectations for the UK economy in 2024 following this year's improved picture. The British Chambers of Commerce (BCC) Quarterly Economic Forecast (QEF) has upgraded growth expectations for 2024. The QEF expects the UK economy to grow by 1.1% in 2024 (upgraded from 0.8%), with the projection for 2025 remaining at 1.0%. The ONS has estimated growth of 0.6% in Q2, and the BCC is now forecasting 0.4% for Q3. But this momentum is expected to tail off, with 0.2% in Q4, and for every quarter in 2025. The services sector is projected to be the highest growth sector in the economy, with yearly growth above 1% across the forecasting period. The outlook for overseas trade is expected to remain weak, with both imports and exports contracting in 2024 by -0.6% and -1.1%, respectively, before a gradual bounce back in 2025 and 2026. To read the BCC's news release, go to https://www.britishchambers.org.uk/news/2024/09/bcc-economic-forecast-growth-ticking-up-but-major-uncertainties-remain/.

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GDP growth will remain lacklustre at 3.1% in 2024. The National Institute for Economic and Social Research's (NIESR) latest UK Economic Outlook notes that, following UK GDP growth of only 0.1% in 2023, GDP growth has "surprised on the upside" in the first half of 2024. NIESR now forecasts that UK GDP will grow by 0.6 and 0.4% in the second and third quarters of this year respectively, with overall GDP growth for 2024 of 1.1%, 1.3% next year and around 1.2 to 1.3% per annum in the medium term. NIESR notes that looking at GDP growth over the period since World War II suggests that the trend rate of annual productivity growth for the UK economy fell from around 3.4% between 1947 and 1973, to 2.3% up to the Global Financial Crisis. By domestic and international standards, the UK economy then moved to a lower growth trend from 2008 onwards and has fallen below the OECD average since 2008. To read NIESR's Outlook, go to https://www.niesr.ac.uk/publications/aspiration-public-investment?type=uk-economic-outlook.

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Scotland's forecast is revised upwards, with GDP at its highest level since the pandemic. EY has reported that the latest quarterly GDP data indicates that the Scottish economy grew by 0.5% in the first quarter of 2024. This suggests that Scottish GDP output, which was 3.0% larger than the average for 2019, reached its highest level since the COVID-19 outbreak. Sectoral data confirms that growth was wide-ranging as most sectors expanded, with consumer-facing sectors enjoying the strongest growth. EY Scotland Managing Partner, Ally Scott, warned: "With consumer-facing sectors forecast to drive recovery, the implication is that it doesn't take much of a headwind for that growth to recede." To read EY's news release, go to https://www.ey.com/en_uk/newsroom/2024/08/scottish-gdp-highest-since-covid19.

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Northern Ireland is leading the UK's recovery. According to the latest PwC UK Economic Outlook, Northern Ireland is leading the UK's recovery with positive signs of growth. Despite post-pandemic challenges, the region is forecast to achieve a 1.2% growth rate this year, tied with London for the highest in the UK. Although the growth rate is modest compared to historical standards, PwC suggests that it underscores the resilience of Northern Ireland's economy amid the UK's broader low-growth environment. PwC expects economic growth to differ geographically across the UK, with London and Northern Ireland set to lead the way for 2024, while the West Midlands (0.7%), South East (0.8%) and North East (0.8%) are likely to lag behind. To read PWC's news release, go to https://www.pwc.co.uk/press-room/press-releases/regions/northern-ireland/northern-ireland-leads-uk-regions--economic-growth--as-new-gover.html

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UK SME exporters' overseas sales are flatlining. The British Chamber of Commerce's (BCC) Trade Confidence Outlook for Q2 2024 shows that most UK SME exporters' overseas sales are flatlining. Over half of all UK SME exporters (52%) saw no change in overseas sales, and 21% reported a decrease. Just over a quarter of exporting SME firms (27%) saw their overseas sales rise in Q2 – a figure that has been broadly static since the pandemic. The one bright spot is SME manufacturers, with 31% reporting an increase in exports. By contrast, domestic demand for SME exporters remains consistently more buoyant, with 37% reporting an increase in domestic sales in Q2 2024 –10% more than overseas sales. To read the BCC's news release, go to https://www.britishchambers.org.uk/news/2024/08/bleak-trade-picture-for-most-sme-exporters/.

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CFOs of the UK's largest firms are more optimistic about their business prospects. According to Deloitte's latest CFO survey, CFOs of the UK's largest firms are more optimistic about prospects for their businesses following the election. Sentiment has risen for the fourth consecutive quarter, with a net 23% of finance leaders more positive about their businesses' financial prospects than in the previous edition. Corporate risk appetite also saw its biggest rise in more than four years in this quarter's survey, with 36% of finance chiefs reporting that now is a good time to take greater risk onto their balance sheets. A net 64% of finance leaders expect UK corporates' revenues to increase over the next 12 months, a significant jump from the net 42% seen last quarter. To read Deloitte's news release, go to https://www.deloitte.com/uk/en/about/press-room/uk-cfos-gear-up-for-growth-following-the-election.html.

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UK retail sales growth remained flat in August as the high street continued to underperform. According to this month's BDO High Street Sales Tracker, total UK retail sales increased by just +0.7% compared to August last year. The tracker also reveals another disappointing month for the high street, as in-store sales fell once again, this time by -0.7% compared with August 2023. Looking across the different categories of the tracker, the homewares sector saw sales declining by 0.5%, while the fashion sector told a similar story, with overall sales declining by 0.4% compared to the same month last year. The lifestyle sector provided the only set of positive results, with sales +3.2% above August last year. To read BDO's news release, go to https://www.bdo.co.uk/en-gb/news/2024/retail-sales-growth-remains-flat-in-august-as-the-high-street-continues-to-underperform.

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Global: Late Payment, Insolvencies & Economic Growth​

Almost 70% of all European countries will be above pre-COVID bankruptcy levels by the end of this year. Allianz Trade has advised that nearly 70% of all countries will be above pre-pandemic bankruptcy levels by the end of this year, and bankruptcy levels are, in some instances, much higher than anticipated. For example, earlier this year in Belgium, Allianz Trade predicted a bankruptcy increase of +6% for 2024. However, halfway through this year, the score already stood at +11% y/y. Similarly, in Sweden, a rise of +9% was expected for the year; so far, the increase is +58% y/y. Germany was forecast to rise +13% in 2024; now, Allianz Trade assumes +21% for 2024. Notable other risers in Europe are (mid-2024, y/y), Austria (+27%), Ireland (+25%), France (+21%) and Italy (+20%). Better performers are Denmark, where there are sharp declines (-21%), and, to a lesser extent, the UK (-1%). To read Allianz Trade's article, go to https://www.allianz-trade.com/en_BE/news/latest-news/number-bankruptcies-higher-than-expected.html.

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One in five listed corporates pay their suppliers after ninety days globally. ICISA Insider has published an article in which Maxime Lemerle, Lead Advisor for Insolvency Research Allianz Trade, advises that globally, 47% of companies posted payment delays above 60 days of turnover at the end of Q1 2024. In Europe, this share (45%) was close to the global average, while it was above in Asia (51%) and below in North America (35%). At the global level, the sectors with the highest proportion of firms with large Days Sales Outstanding were machinery equipment (71% above 60 days), transport equipment (68%), electronics (67%) and computer/telecoms (63%). The article also warns that 22% of companies worldwide are paid after 90 days, "suggesting that the role of suppliers as the invisible bank is coming back in full force." To read ICISA's article, go to https://icisa.org/wp-content/uploads/2024/07/0_The-ICISA-Insider-July_spreads.pdf.

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Insolvencies are above pre-pandemic levels in most advanced economies. Aon's H1 2024 Market Insights Report predicts that the world economy will see growth of 2.2% in 2024 – marking the third consecutive year of slowdown. Indicators point to a marked slowdown in the US and stagnation in the Eurozone. Excluding the pandemic and the financial crisis of 2008-2009, Aon advises that there has not been a comparable slowdown in global activity since 2002. In 2024, given the sluggish performance of the Eurozone, the US, and China, emerging economies are expected to account for three-quarters of overall global GDP growth. Furthermore, and as expected, Aon notes that a broad-based rebound in business insolvencies has continued in 2024, with insolvencies above pre-pandemic levels in most advanced economies. To download Aon's report, go to https://www.aon.com/en/insights/reports/h1-2024-market-insights-report.

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Global growth remains broadly unchanged. The IMF has predicted in its latest World Economic Outlook (WEO) WEO that global growth will remain in line with its April 2024 WEO forecast, at 3.2% in 2024 and 3.3% in 2025. In the US, projected growth is revised downward to 2.6% in 2024 (0.1 percentage point lower than projected in April), reflecting the slower-than-expected start to the year. Growth is then expected to slow to 1.9% in 2025. A modest pickup of 0.9% in the euro area is predicted for 2024 (an upward revision of 0.1 percentage point), driven by stronger momentum in services and higher-than-expected net exports in the year's first half. Growth is then projected to rise to 1.5% in 2025. The IMF also forecasts that world trade growth will recover to about 3.25% annually in 2024–25 (from quasi-stagnation in 2023) and align with global GDP growth again. To read the WEO, go to https://www.imf.org/en/Publications/WEO/Issues/2024/07/16/world-economic-outlook-update-july-2024.

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GDP growth will remain "lacklustre" at 3.1% in 2024. The National Institute for Economic and Social Research's (NIESR) latest Global Economic Outlook notes that the global economy experienced its slowest growth in 2023 since the 2008 financial crisis (excluding the pandemic year of 2020). NIESR warns that global GDP growth will remain "lacklustre" at 3.1% in 2024 and 3.2% in 2025. That said, NIESR expects 55% of the countries it forecasts to have higher GDP growth rates in 2024 compared to 2023, with a further 36% predicted to have lower but positive GDP growth rates. The weaker economic performance in India, China, and Japan is primarily the cause of the slightly lower global economic growth. To read NIESR's blog, with a link to the Outlook, go to https://www.niesr.ac.uk/blog/what-next-global-economy.

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Global growth remains "relatively stagnant". AU Group's latest G-Grade for Q3 2024, which summarises over 140 country risk assessments by Allianz Trade, Atradius, Coface and Credendo, warns that global growth is expected to reach 3.2% in 2024 (according to the IMF) and remains "relatively stagnant". In Europe, growth is expected to be moderate, with marked disparities between countries. Activity will be sluggish in several major economies, including Germany (1.3%), France (1.4%) and Italy (0.7%), while Spain should see better growth (2.1%). In the US, economic growth is slowing, with GDP growth projected at around 1.9% (vs. 2.5% and 2.7% in 2022 and 2023). Meanwhile, the Chinese economy in 2024 is showing signs of recovery but still faces several significant challenges. To download AU Group's report, go to https://www.au-group.com/au-g-grade-q3-2024/.​​​​​​​​

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Economic recovery shifts to Europe and emerging markets amid slower US growth. Dun & Bradstreet's (D&B) latest Global Economic Outlook predicts that global GDP growth will accelerate from 2.5% this year to 2.8% in 2025. In Europe, the good start to the year continued in Q2 2024: GDP grew 0.3% q/q in the Eurozone and the EU, following 0.3% growth in Q1. Ireland (+1.2%), Spain (+0.8%), and France (+0.3%) led growth. However, Germany's economy contracted, putting Europe's largest market on the brink of recession. The report also noted that growth in emerging economies will likely hold up in H2 2024, but outcomes will be varied. Softer growth in Brazil, Mexico, Poland, and parts of emerging Asia is set to be offset by a reacceleration in parts of Latin America such as Chile, Peru, and Uruguay. In contrast, Northern America will see its growth slow from 2% in 2024 to 1.7% in 2024. To read D&B's news release, go to https://www.dnb.co.uk/perspectives/finance-credit-risk/country-risk-global-outlook.html.

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Corporate bankruptcy numbers in the EU surged in the second quarter of 2024. According to data published by Eurostat, corporate bankruptcy numbers in the European Union surged 3.1% in the second quarter of 2024 to reach a new high. Eurostat said this follows a 4.5% increase in bankruptcies in Q1 2024. However, while the overall number of bankruptcy declarations increased, the individual sectors of the economy behaved differently. Compared with the previous quarter, in the second quarter of 2024, bankruptcies decreased in four sectors: information and communication (-4.8%), transport (-1.6%), accommodation and food services (-1.1%) and education and social activities (-1.0%). Bankruptcy declarations increased in four other sectors: construction (+3.8%), financial activities (+2.6%), trade (+2.4%) and industry (+1.6%). To read Eurostat's news release, go to https://ec.europa.eu/eurostat/en/web/products-eurostat-news/w/ddn-20240816-2. 

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Credit Management: News & Resources

A new initiative aims to boost digital trade. The British Chamber of Commerce (BCC) has advised that prospects for significant growth in global e-commerce and other digital trade have increased following the conclusion of negotiations for an Agreement on Electronic Commerce. Altogether, 91 countries (accounting for 90% of all global trade) have initially signed up to the agreement, including the UK and EU member states. It is hoped that the initiative will grow digital trade in several ways:

• By eliminating paper-based documents and committing to electronic formats to facilitate trade – including imports, exports, and transit. 

• By setting out common standards for countries to establish single trade windows, providing a single-entry point in each country for all electronic submissions of goods documentation.

• By stopping customs duties on the electronic transmission of goods and services (creating a huge cost saving).

• By making it easier to set up contracts and invoicing by electronic means, including e-signatures and interoperable e-authentications, and by enabling easier e-payments. 

To read the BCC's news release, go to https://www.britishchambers.org.uk/news/2024/07/digital-trade-enters-new-era/.

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​​​CrewStudio enables businesses to create and publish low-cost, high-impact videos quickly. CrewStudio is an innovative, award-winning mobile app that allows companies to publish low-cost, top-quality, high-impact videos quickly for internal communications, sales, marketing and social media amplification. The video is edited according to the client's brief (and revised as necessary) by the CrewStudio team. A white-label version of CrewStudio can also offer clients a complete digital video production platform. Go to https://wtvglobal.com/crewstudio/ for details.

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Atradius' industry weather performance chart is now available. Atradius has published an Industry Performance Forecast for August 2024 to provide a snapshot of the credit risk situation and business performance of fifteen major industries in over thirty markets. Atradius notes that some of the main changes since March 2024 include the Construction/Construction Materials market in Asia, which has seen Hong Kong, Thailand, and Japan marked down from Fair to Poor, while in the Philippines, the construction sector is expected to grow by 7% in 2024. In the Machines Engineering market in Europe and Asia, the Czech Republic, Slovakia, and Poland have been rated down from Fair to Poor. To read Atradius' news release with a link to an industry weather performance chart, go to https://atradius.co.uk/reports/industry-trends-industry-performance-forecast-august-2024.html.

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Events & Professional Development

​SCHUMANN Conference on Digital Credit Risk Management, 12 September. Online via live stream.

Our SCHUMANN Conference on Digital Credit Risk Management will take place online on 12 September. Experts from our customer and partner base will present their use cases and report on current challenges and the best strategies.

We are not limiting ourselves to one industry, because we are convinced that valuable insights and inspiration for you lie in cross-industry dialogue. That's why, in addition to financial service providers, industrial and wholesale companies, credit and surety insurers will also have their say!

Don't miss the keynote speeches by Janet Henry, Global Chief Economist at HSBC and Christiane von Berg, Head of Economic Research BeNeLux & DACH at Coface.

Register now! Participation is free of charge.

We look forward to seeing you!

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Trade Credit Insurance Week 2024. ICISA Event. 8 October - 10 October 2024. Online.

Trade Credit Insurance week is a week of celebration of Trade Credit Insurance sector. With this event, ICISA aims at increasing awareness of the valuable economic role of TCI industry. Experts in the sector agreed to join our initiative and share their views on issues faced by the industry nowadays.

The event will take place between 7-10 October 2024. A total of 8 virtual sessions will be organized during the week, featuring debates, interviews, webinars and presentations.

The prgramme includes:

• Net Zero: How insurance supports the path to net zero​. October 9th, 9:00 AM (BST)

• All about data - Unlocking the future of trade, credit and risk​. October 9th, 2:00 PM (BST)

• Trading on credit – how business view credit and how TCI proves its worth​. October 10th, 9:00 AM (BST)

• NCBR: Assessing the impact of Nuclear, Chemical, Biological and Radiation Risk on credit insurance. October 10th, 2:00 PM (BST)

The full programme with list of speakers can be downloaded at https://icisa.org/event/trade-credit-insurance-week-2024/.

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Launching a New Credit Insurance Venture. 15 October 2024. Online.

Trade Finance Global (TFG) is set to host an exclusive roundtable webinar entitled "Launching a new credit insurance venture: a comprehensive guide." This virtual event will bring together top experts from the credit insurance industry to share insights on market entry, growth opportunities, and operational strategies.
Deepesh Patel, Editorial Director of TFG, will moderate the discussion, and will be joined by four distinguished panelists:

• Stuart Lawson, Global Head at Aon Credit Solutions;

• Marc Meyer, SVP Subject Matter Expert in Credit Insurance at Tinubu;

• Carmine Mandola, Former CEO of CrediArc & Coface;

• Tobias Powell, Head of Credit, Surety & Political Risks, SCOR P&C EMEA.

The webinar will highlight crucial aspects of launching and operating a credit insurance business. It will also explore recent trends in credit insurance, and opportunities in underserved markets.
The panellists will examine key considerations for market entry, financing and operational strategies, technological advancements, and digitalisation in the sector.
Attendees will gain valuable insights from case studies, including how SBI General Insurance Company Limited (SBIG) executed a successful diversification with a niche market positioning and Etihad Credit Insurance's strategy for SMEs in Dubai.
"This webinar will be your gateway to the future of credit insurance," said Deepesh Patel, Editorial Director at TFG. "It brings together industry titans to unpack the complexities of launching a credit insurance venture. From exploring untapped markets to leveraging cutting-edge technologies, we'll provide a roadmap for success in this dynamic field."
The event is open to everyone, from industry professionals and entrepreneurs to those simply interested in the credit insurance sector. Registration details are on the TFG website at at https://www.tradefinanceglobal.com/webinars/launching-a-new-credit-insurance-venture/.

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Professional Development

STECIS, the Trade Credit Insurance & Surety Academy endorsed by ICISA, offers a range of
webinars and classroom training courses.

Classroom training courses are organised once or twice per year or on demand, while webinars
are organised multiple times per year or on demand for groups of participants.

Classroom training courses are organised once or twice per year or on demand, while webinars
are organised multiple times per year or on demand for groups of participants.

The following courses have been planned for Q3/4 2024:​

• 24 & 25 September: The Trade Credit Insurance Advanced Course**

• 8 & 9 October: The Surety Bonds Foundation Course**

• 10 & 11 October: The Surety Bonds Advanced Course**

* Webinar

** Classroom

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The courses are hosted by very experienced experts from the industry and there is plenty of opportunity for asking questions, discussion and networking. There is also the possibility of arranging in-house training (at your own offices or at a venue of choice) with a tailor-made program based on the training needs of your company. 

Detailed information about the webinar and classroom training courses is available on Stecis’ website: www.stecis.org. Also, further information can be obtained by sending an e-mail to info@stecis.org.

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About this month's sponsor: Tinubu

Tinubu is the business facilitator and exchange enabler that delivers fluidity and simplicity to the insurance industry by using the strength of collective performance. Our company is an alliance of technology software and insurance expertise offering the best combination to its clients. It covers the entire value chain of credit insurance & surety with one end-to-end platform, connecting every part of your business with one digital highway.

Established in 2000 and headquartered in Paris, France, Tinubu is an independent software provider and employs 170 people, located in Paris, London, New York, Orlando, Singapore, and Montreal. Its clients represent 30 of the top 60 Credit & Surety underwriters worldwide.

Our vision: The lifeblood of insurance: Anticipating interactions from the core of the insurance industry.
Our promise: Multiplying possibilities: Connecting the value chain of insurance.