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Barometer Q3 2021: Supply chain and inflation headwinds hamper the global recovery

More than 18 months after the global recession triggered by the COVID-19 pandemic started, the economic recovery continues.

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Country Risk Assessment Map - Q3 2021

The latest edition of the Coface Country Risk Map. Consult and download Coface's risk assessments of 162 countries across the world.

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In the COVID-19 aftermath, China will continue to expand its role as a main destination for Latin American exports at the expense of the U.S.

The trade relationship between China & Latin America has expanded considerably over the past two decades, gradually standing out compared to the U.S & LatAm relationship.

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Has the global retail sector returned to normal?

The retail sector’s activity has been affected by the COVID crisis through social distancing measures and closure of stores.

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Germany Corporate Payment Survey 2021: Learning to live with the pandemic

The 5th edition of Coface’s survey on corporate payment experience in Germany was conducted in July and August 2021, with 819 companies participating.

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Is the electric vehicle metals boom sustainable?

The metals used in electric vehicles, such as lithium, cobalt and copper, are at the heart of the revolution currently taking place in the automotive industry.

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UAE: a brighter outlook for 2021 after a difficult 2020

The UAE’s economy was hit by a double shock in 2020: the collapse in oil prices and the COVID-19 pandemic. According to preliminary estimates, the UAE’s economy shrank by 6.1% in 2020. However, the outlook is brighter for 2021. Coface expects growth at 3.1% thanks to a fast vaccination campaign, a sharp recovery of the global economy and the rebound in energy prices.

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Barometer Q2 2021: A two-speed world

18 months after the start of the pandemic, access to vaccination is now the main factor setting the pace of people's daily lives and the global economy.

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Remote Work: The Risks and Opportunities of Virtual Offshoring

Remote work has emerged as a new norm during the Covid-19 pandemic. As we emerge from the crisis, this cultural shift could allow companies located in developed countries to hire teleworking talent in emerging countries to reduce their labour costs.

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Asia Pacific: Corporate payment delay trend stabilized, companies see brighter outlook but risks and uncertainty remain

Coface’s 2021 Asia Corporate Payment Survey, conducted between October 2020 and March 2021, provides insights into the evolution of payment behavior and credit management practices of over 2,500 companies across Asia Pacific during a pandemic year. Respondents came from nine markets (Australia, China, Hong Kong SAR, India, Japan, Malaysia, Singapore, Thailand and Taiwan) and 13 sectors located in the Asia Pacific region.

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China: rising payment risks in construction and energy sectors despite stronger economic outlook

Coface China Corporate Payment Survey 2021 : shorter credit terms for most sectors except construction, food and automotive

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Germany: More insolvencies in the pipeline, despite significant aid

Insolvencies in Germany dropped significantly in 2020 compared to 2019 - despite the worst recession since 2009.

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Coface Barometer Q1 2021: US leads the global recovery, emerging economies lag behind

More than a year after the start of the pandemic, global economic trends are uneven due to lingering uncertainties around the spread of COVID-19. The acceleration of the vaccination process, as well as its effectiveness, are key to an economic recovery

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Coface report looks at China and Australia’s trade relationship

The China-Australia bilateral relationship deteriorated sharply over 2020, with China imposing trade restrictions on a number of Australian exports. But there are growing concerns that an escalation of bilateral tensions will see China hardening its stance towards Australia.

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United States: Stimulus plan paves the way for record trade deficit

As the world's largest importer, and second largest exporter of manufactured goods, the United States has had a trade deficit since the early 1970s. Using an analysis based on historical estimates of a potential trade balance, Coface estimates that the deficit could grow by 56 billion dollars as a result of the stimulus plan.

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The paradox of corporate insolvencies in Europe: miracle and mirage

In 2020, and even if the real impact of the COVID-19 crisis remains uncertain, the number of insolvencies actually fell in all major European economies. According to our research, the gap between the expected deterioration of the companies’ financial health and the number of insolvencies suggests that there is a high number of “hidden insolvencies” that have been postponed, rather than prevented.

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Diversification is one of the many effects of oil price volatility on Middle Eastern and African oil producers

The COVID-19 pandemic’s negative impact on global GDP growth and global trade volumes has caused a sharp drop in oil prices in the spring of 2020. This price drop, even if temporary, has affected Middle Eastern and African oil exporters differently, in line with their national output’s dependence on oil, as well as their fiscal strength and international reserves. Although Coface expects oil prices to average USD 60 per barrel in 2021, their volatility will remain a challenge for producing countries.

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Poland: Payment delays between companies shorten during the pandemic

The year 2020 was marked by the COVID-19 pandemic. In order to mitigate the impact of this difficult economic situation on Polish companies, various liquidity-supporting aid measures were introduced, such as tax and contribution exemptions and deferrals. As a result, despite the extensive economic crisis, payment delays between companies have shortened – however, with these aid measures are to be phased out in 2021, two thirds of companies expect their business activities to deteriorate this year.

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The political risks of lockdown in the Netherlands and Germany

Coronavirus containment measures are leading to social unrest in many countries, especially in the Netherlands and in Germany. Watch our video to learn more.

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COVID-19, a catalyst for political risks

In addition to our Q3 2020 Country & Sector Risk updates, Coface's Political Risk Index highlights a dual trend: a decrease in the risk of conflict at a global level, but an increase in the risk of political and social fragility.

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German companies have switched to “crisis-mode” and offer less payment terms

German companies want to cash in as early as possible, according to the fourth edition of Coface’s survey on corporate payment experience in Germany, conducted in July and early-August 2020, with 753 participating companies located in Germany.

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Coface reports a positive net income of €11.3m for the second quarter 2020 and continues to implement its strategic plan

Turnover for the first semester: €725m, down 0.6% at constant FX and perimeter:
Client retention and new business achieve record levels, with a positive net production of €33m.
First effects of re-pricing are now visible (+0.2%).
Revenues from services progress by 7%, including information services up by 13%.
Client activities continue to slowdown – a trend expected to continue over the following quarters.

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Post-pandemic production relocation: an opportunity for CEE countries?

Foreign trade and inclusion in supply chains had already increased in recent years, supported by EU membership by most CEE (Central and Eastern European) countries in 2004.

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Global Transport: What does the future hold beyond COVID-19?

The COVID-19 pandemic has triggered a mobility crisis, mainly because of physical distancing requirements and the necessity to avoid confined spaces, to limit the virus’propagation. This has had a disastrous impact on the global transport sector, with air passenger transport being the most affected segment.

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United States: Two-speed business bankruptcies

As the COVID-19 epidemic hits the United States very hard, Coface forecasts in its baseline scenario that the country's GDP will contract by 5.6% in 2020, before rebounding by 3.3% in 2021. Nevertheless, this forecast is threatened by the resurgence of the outbreak in several states, which are already pausing or even reversing the resumption of activity after the extensive lockdown of April.

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Asia Corporate Payment Survey 2020: COVID-19 will overturn last year’s incipient recovery

After a 2019 that was dominated by trade tensions between the United States and China, Coface has observed an incipent recovery in Asia (excluding China), supported by supply chain shifts and additional liquidity from the US Federal Reserve.

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Coface finalises the acquisition of GIEK Kredittforsikring AS

Coface announces the closing of the acquisition of GIEK Kredittforsikring AS, a company that manages a short-term export credit insurance portfolio.

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Are corporate balance sheets in Spain and Italy ready for the COVID-19 shock?

Although the second quarter of 2020 is shaping up to be the most challenging period of the year, there are now good reasons to think that the road to recovery will be long and arduous. Despite immediate tax deferrals, liquidity guarantees, it is likely that many firms will find themselves in difficulty.

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Business insolvencies in Europe: amendments to legal procedures temporarily postpone due dates

Many European countries have temporarily amended the legal framework of default procedures to help companies deal with the crisis, postponing growth of insolvencies in Europe.

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Business insolvencies in Europe: amendments to legal procedures temporarily postpone due dates

The economic consequences of the COVID-19 pandemic are of an unprecedented scale in Europe. The twin supply-demand shock has resulted in the halting of production (at least partially) in many companies as employees cannot go to work and in a fall in consumptionbecause of mobility restrictions. The decline in revenues has deteriorated companies’ cash positions, fostering an increase in payment delays – and, ultimately, payment defaults.

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From a massive shock to a diversified recovery

A few weeks after the first containment easing measures, economic activity seems to be picking up in most European countries. However, about two months after China, this gradual and partial recovery will not erase the effects of containment on global growth.

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China Payment Survey 2020: Payment delays will increase further because of COVID-19

In the context of weaker activity in China due to the health crisis, Coface’s latest survey on business payments in China shows a deterioration in payment behaviour in 2019.
66% of surveyed companies reported payment delays. The length of payment delays remained stable at 86 days in 2019. Nevertheless, sectors that have been hit the most by lockdown measures will have to delay payments in order to survive in 2020 and the number of corporate insolvencies should increase.

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World Trade: despite a sudden interruption, global value chains still have a bright future

Early 2020 marked by a sudden interruption in world trade, hampered by a global recession and soaring uncertainty

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COVID-19 swings the spotlight back onto emerging countries’debt

While the focus has mainly been on China, Europe and the USA so far, the consequences of the Coronavirus pandemic are likely to be even more severe in emerging countries.

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First quarter shows solid operational performance but is impacted by the initial effects of the COVID-19 crisis

Xavier Durand, Coface CEO, commented: “The coronavirus crisis presents an unprecedented shock for our economies and for the credit insurance industry. First and foremost, I am very proud of our teams’ successful efforts to continue supporting our customers despite the containment measures (...)"

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Can China shield its economy from the impact of COVID-19?

Due to the current coronavirus (COVID-19) pandemic and its impact on the global economy, it is unlikely that China will be able to achieve its 2020 growth target. Coface forecasts a growth rate of 4% for the Chinese economy in 2020.

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Coface Barometer: COVID-19 - heading towards a sudden global surge in business insolvencies

At first, the COVID-19 epidemic in China only affected a limited number of value chains – but it has since turned into a global pandemic. Its repercussions have created a double shock – supply and demand – that is affecting a large number of industries in all over the world.

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Covid-19, A triple shock for the world economy

In this webinar focusing on the global impact, our Chief Economist Julien Marcilly explain what can already be expected from this health and economic crisis on a global scale.

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Review of the credit insurance sector by Moody's

The rating agency Moody's confirmed Coface’s Insurance Financial Strength (IFS) A2 rating on 27 March 2020. The outlook for this rating has been changed to negative.

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Poland Payment Survey: reduced payment delays, but a challenging outlook

Despite the economic slowdown, Coface’s latest survey on business payments in Poland shows that payment delays have systematically shortened since 2017 – but the impact of the coronavirus outbreak on the Polish economy remains to be seen.

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Coface capitalizes on its strategic successes and launches Build to Lead, its new 2023 strategic plan

Build to Lead will broaden and deepen the business and cultural transformation initiated in Fit to Win. In particular the new plan will: Continue to strengthen risk management and underwriting discipline; Improve service, and commercial and operational efficiency; Invest in select growth initiatives in trade credit insurance as well as in specialty lines; Maintain balance sheet strength.

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COFACE SA: Shareholding evolution

COFACE SA (“COFACE”) acknowledges the announcement made today by Natixis of its sale of 29.5% of the share capital of COFACE to Arch Capital Group Ltd (“Arch”) as well as Arch’s affirmed support of COFACE’s current management and of its new 2023 strategic plan Build to Lead.

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AM Best assigns A (Excellent) rating to Compagnie française d'assurance pour le commerce extérieur and to Coface Re SA

Rating agency AM Best has assigned a Financial Strength Rating (FSR) of A (Excellent) to Compagnie française d'assurance pour le commerce extérieur (la Compagnie) and to Coface Re. Both ratings have a stable outlook. The agency has also affirmed the FSR of Coface North America Insurance Company (CNAIC) to A (Excellent). The outlook remains stable.

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FY-2019 results: Record net income up 20% at €146.7m and proposed dividend per share of €1.0

We have completed our Fit to Win plan with record results, despite a riskier economic environment. Our net income is up by 20%, to €147m. The tangible return on equity comes in at 9.1%, excluding non-recurring items. Record retention and a pick-up in new business boosted growth to 5.9%. Finally, in terms of capital, the French regulator authorised our usage of our internal model to calculate the solvency requirement. Our solvency ratio stands at 190%, up 21 points, which allows us to propose a payment of a dividend of €1.0 per share to the Shareholders Annual General Assembly.

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Political and environmental risks are the main threats facing businesses in 2020

As Coface launches the 2020 edition of its Country & Sector Risks Handbook, Chief Economist Julien Marcilly today presents the main threats for the global economy in 2020 at the Coface Country Risk Conference in Paris. The US-China trade agreement will not be enough to rekindle international trade.

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Turkey Payment Survey 2019: better picture in payment term but companies remain cautions regarding economic prospects

Right after the recession that the economy went into during the second half of 2018 the private sector remains mixed in terms of the economic outlook.

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The global automotive industry and enhanced regulations: a very steep path ahead

Hit by increasingly stringent regulations, particularly for environmental purposes, the global automotive industry is facing a downturn and is being forced to reinvent itself.

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Business failures in France are less frequent, but of a larger size

While the number of companies facing corporate insolvency has decreased since the beginning of the year, their cost has increased, both financially and in terms of the number of jobs affected. After a difficult first quarter, marked by the repercussions of the “yellow vests” movement, the number of corporate insolvencies since the beginning of the year in France is set to decline for the fourth consecutive year. However, Coface expects a slight rebound in insolvencies in 2020 (+0.9%), mainly due to the expected slowdown in the construction sector, which was largely driven by public works in 2019 in the run-up to the municipal elections.

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Insolvencies in Central and Eastern Europe: despite an increasingly difficult global economic context, the situation remains positive

The Central and Eastern European region has experienced unparalleled growth in the European Union. However, a slowdown is expected in the coming years.

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Coface delivers record first semester in riskier economy

Net income up 25% at €78.5m, RoATE at 9.6% and Partial Internal Model submitted

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Asia Corporate Payment Survey 2019: Deteriorating payment trends amid trade war woes

Coface’s 2019 Asia Corporate Payment Survey covered over 3,000 companies in nine economies (Australia, China, Hong Kong, India, Japan, Malaysia, Singapore, Thailand and Taiwan). 63% of companies surveyed stated that they experienced payment delays in 2018. The length of payment delays increased to 88 days on average in 2018, compared to 84 days in 2017. The length of payment delays was highest in China, Malaysia and Singapore; as well as the energy, construction and ICT sectors.

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Coface Barometer - Trade tensions return to the forefront of the global economy

US/China trade war, struggling automotive sector, slower growth in emerging economies... the second quarter of 2019 highlights a global economic slowdown

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Coface's political risks overview: the temperature is rising on the African continent

With numerous bouts of conflicts, terrorism, and social and political tensions, which show no signs of stopping in the near future, Africa will continue to experience fragility and destabilisation.

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Natural gas: an oscillation between boom and gloom

Until recently, natural gas was acclaimed as the "cleanest" of fossil fuels and all indicators point to an increase in demand and production.

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Morocco: payment delays are improving but remain too long

Coface's fourth survey on payment terms in Morocco shows a situation that remains worrying despite a slight improvement.

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COFACE SA enters into the SBF120 index

The SBF 120 is one of the leading Paris stock market indices. It tracks the top 120 companies, in terms of market capitalization and liquidity.

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From copycat to early bird: Taking stock of China’s 5G ambitions

China coordinated its approach to 5G and some successes are already visible. However, China still relies on imports, especially for high-end products, leaving the sector exposed to protectionist threats. Moreover, the deployment of 5G networks by Chinese companies is perceived as a cybersecurity risk by many recipient countries. The US is banning Huawei equipment and pressing its allies to do the same, which could limit the growth of Chinese 5G in the future (...)

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In a global economic slowdown, luxury continues to outperform but faces new challenges

Counterfeiting, e-commerce, Chinese consumers importance, even if it is generally relatively spared by recessions, the luxury market must adapt to a profoundly changing economy if it does not want to lose its exceptional status.

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FY-2018 Results: Net Income up 47% at €122 3M and pay-out of 100% of net income

Our good 2018 results show the relevance of our Fit to Win strategic plan in a now more volatile economic environment. Our net income of €122 million is up 47% and corresponds to a return on equity close to our average through the cycle objective excluding further capital optimisation actions

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Two pitfalls for businesses in 2019: the economic downturn and political risks

Coface will be sharing its vision of the major trends in the world economy in 2019 with businesses at its annual conference on country and sectoral risks.

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Tighter liquidity in Asia: not all gloom and doom in 2019

Asia has been under pressure following tighter global liquidity in 2018. Coface’s index for measuring relative vulnerability to outflows points to increasing divergence in Asia.

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French Companies in 2019: rise in insolvencies but higher margins will allow cushioning the impact of slowing global trade

In the third quarter of 2018, after two years of improvement, French companies experienced a reversal of the trend with the number of insolvencies increasing by +2.3% (...)

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In the first half of 2018, Coface continues to record a solid performance in a gradually normalising risk environment

Net profit of €62.8m and RoATE1 at 7.8%

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Country and sector risks worldwide: Signals of risk on the increase in the 2nd quarter

Downgraded assessments in the majority this quarter

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France’s loss of market share in Africa benefits several European countries, China and India

While France’s trade balance has remained in surplus, its market share of exports to Africa halved from 11% in 2000, to 5.5% in 2017.

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Global metals sector: prices to continue to rise in 2018, ahead of a possible slight decline in 2019

On the back of highly-synchronised economic growth, technological shifts boosting a surge in the use of metals and a shortfall in supply, metals have been benefitting from a bull market since mid-2016 (...)

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Election season in Latin America: Growing political risks undermine economic activity

The Coface Political Risk Index takes into consideration various risk aspects: (...)

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Western Balkans’ accession to EU membership likely to be completed - supported by the region’s strategic importance

The European Union - Western Balkans Summit will take place in Sofia, Bulgaria, on the 17th of May 2018. This meeting aims to reaffirm the EU’s commitment towards the Western Balkans gaining EU membership. Coface’s economists see the EU accession as likely to happen, particularly as it would counterbalance Russian and Chinese presence in the region.

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Africa: diminishing reserves increase risks of another crash

Adversely affected by the slump in raw material prices, most African currencies lost over 20% of their value between 2013 and 2016

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Coface’s purpose & new tagline: for trade

Discover our new tagline, FOR TRADE, which conveys Coface’s culture and purpose, as well as our deep commitment to trade.

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Country and sector risks worldwide - 1st quarter 2018

Now that peak growth has been reached in the United States and Europe, businesses are preparing for supply side constraints and the risk of protectionism

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New Mediterranean trade routes will be through the South and East of the region

In the Mediterranean, the recent rise in protectionism is starting to transform the vast network of free trade agreements and reshape intra-Mediterranean trade routes. Two new trends are emerging.

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Central and Eastern Europe: Political risks on the rise but no impact yet on local businesses

With the wave of ongoing elections in countries such as Hungary, Czech Republic, Poland and Slovenia, Central and Eastern Europe is undergoing a major period of change against the background of economic growth that is still strong (...)

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Regional economic ambitions of China and Japan show striking parallels

According to Coface, China and Japan are becoming competitors for trade and investment in the Asia Pacific region (...)

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Insolvent or ‘zombies’, distressed companies represent nearly 6% of the total in France

The beginning of the year marked a clear improvement in key business insolvency indicators (...)

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NAFTA renegotiations - could Mexico’s “high-risk” automotive industry deteriorate into a crisis?

Mexico’s automotive industry plays an important role in its economy (...)

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Full-year results 2017: Coface doubles net income to €83.2m, and activates the capital optimisation lever provided for in its Fit to Win plan

Turnover: €1 354.9m, up 0.3% at constant scope and exchange rates. Net loss ratio 51.4%, improved by 14.1 pts; annual net combined ratio at 86.6%.

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Country Risk Conference. 2018: the upturn continues, but corporates risk overheating

During its annual conference on country and sector risks, Coface shares with companies its vision of the major global economic trends for 2018

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Turkey records dynamic growth but is increasingly vulnerable to external factors

Turkey’s economy recorded substantial growth during the first three quarters of 2017, up by 7.4% compared to a year earlier. This was achieved despite the series of shocks which occurred in the country in 2016 (...)

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Although dynamic, France’s organic food sector could be forced to abandon its original principles in order to increase scale

The increasing preference of households for organic food is reflected in the sector’s very strong growth which is expected to exceed €8 billion in 2017

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Poland Insolvency Report: Insolvencies and restructuring proceedings still on the rise, despite a robust economy

Insolvencies and restructuration proceedings increased by 14% in the first three quarters of 2017 compared to the same period last year. Most sectors experienced an increase in the number of proceedings.

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Germany’s corporate payment survey 2017

The second annual corporate payment survey for Germany carried out by Coface confirms many of the foregone trends. However, some improvements can be seen (...)

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China's ambitions in sub-Saharan Africa: efforts to rebalance bi-lateral relations still needed

Almost twenty years after the launch of the first Forum on China-Africa Cooperation, China-Africa relations remain unbalanced. Bilateral trade has leaped over the past ten years (a total of $123 billion in 2016), driven, up to 2014, by exports, which have fallen by 51% since the peak.

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Coface 9M-2017 Results: Net income at €55.0m driven by loss ratio improvement, in line with new guidance

We now see the full impact of the measures taken in the previous quarters within the Fit to Win strategic plan to drive down the loss ratio, in what is a still favourable economic environment. The net profit for the quarter, at €35m, shows significant progress compared to previous quarters.

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Argentine Legislative Elections: Is the Continuity of the Pro-Business Direction at Stake?

The trajectory of Argentina´s economic rebound will be subject to the outcome of the upcoming midterm elections on October 22.

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Appointment of Berna Keskin, as Country Manager ad Interim of GCC

Coface has appointed Berna Keskin as the acting interim Country Manager for GCC (Gulf Cooperation Council Countries, consisting of UAE, Bahrain, Kuwait, Oman, Qatar and Saudi Arabia), based in Dubai and succeeding Massimo Falcioni, who has decided to pursue opportunities outside Coface.

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New regional CEO for Central & Eastern Europe

Xavier Durand, Coface CEO, commented: “As we focus on executing our strategic plan, Fit to Win, these appointments bring a wealth of experience that helps drive our ongoing revitalisation and transformation into the most agile global trade credit partner in the industry.”

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Morocco : Extended Payment Periods Across Practically All Sectors

Morocco Corporate Payment Survey, first half of 2017: Extended payment periods across practically all sectors: 99 days on average in 2017, up from 82 days in 2016

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Coface Improves its Full-Year Guidance: Loss Ratio Net of Reinsurance Now Seen Below 54%, A 4ppts Improvement

The measures taken by Coface to strengthen its risk infrastructure continue to bear fruit. They benefit from an improving economic environment, as growth in all large regions around the globe is on a positive momentum.

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Fitch affirms Coface AA- rating, with an outlook ‘stable’

Fitch Ratings affirmed, on September 8th 2017, Coface AA- Insurer Financial Strength (IFS) rating. The outlook is stable.

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Infrastructure: The Achilles’ Heel of Development in Latin America

During the commodity super-cycle that lasted over a decade, until around 2014, Latin American economies showed robust performance.The poor performance of recent years highlights the region’s competitiveness challenges.

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Coface Announces CEE Top 500 Companies

The Top 500 companies generated EUR 580 billion in 2016 – a minor decrease of 0.6% – and experienced a greater downturn in net profit by -3.1% to EUR 26.3 billion. In contrast to the decrease in turnover and net profit, employment rates boomed.

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Infographic: CEE Top 500 companies

The CEE Top 500 companies generated a turnover of EUR 580 billion in 2016. The biggest companies experienced a decrease in turnover and net profit, but increased their workforces significantly.

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Latin America: The Winners and Losers of “Trumponomics”

Global credit insurer Coface released a report today outlining possible outcomes of US trade policies for the region, focusing on exchange rate, trade and investment.

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Coface H1-2017 Results

Operating income up 17.5% and net income at €20.2m
Improving guidance for 2017: net loss ratio 3pts better, at below 58%

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Country and sector risks worldwide

The second quarter of 2017 marked a new start for Europe, Russia and, on the sector side, for the automobile and agrofood industries in several countries (...)

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Sector risk assessments 2nd quarter 2017

12 Major sectors assessed worldwide

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Infographics - Brexit: despite a series of shocks, british companies remain sound

Mixed resilience, first signs of Brexit during the exit negociations phase but still some positive points…

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New Coface survey shows optimism among UAE non-oil private companies

Coface, the worldwide leader in trade credit management solutions and risk information services, has published its first-ever Credit Opinion Survey for the UAE region (...)

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Coface digitalizes the customer experience

One of the priorities of Coface’s three-year strategic plan Fit-to-Win is to enhance Client Service.

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Infographics: Sector risk assessments - 1st quarter 2017

Infographics: Sector risk assessments - 1st quarter 2017

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Infographics : New political risk index for 159 countries

Infographics : New political risk index for 159 countries

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Country Risk Assessment Map - 1st quarter 2017

Country Risk Assessment Map - 1st quarter 2017

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Corporate payments improve in China in 2016 but ultra-long overdues are up under financial stress

A survey on corporate credit risk management, to which 1,017 Chinese companies responded, reveals that corporate payments improved in 2016, with only 68% of the respondent companies experiencing overdue payments in 2016 (...)

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Corporate payments improve in China in 2016 but ultra-long overdues are up under financial stress

A survey on corporate credit risk management, to which 1,017 Chinese companies responded, reveals that corporate payments improved in 2016, with only 68% of the respondent companies experiencing overdue payments in 2016 (...)

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Country and sector risks worldwide - Business confidence is picking up again, despite persistent political risk

Main economic surprise of early 2017: the rise in business confidence is perceptible, but is not yet generating a positive widespread upturn in country and risk assessments.

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RMB depreciation, capital flow measures and new monetary stance: What are the implications for Chinese corporates?

The potential depreciation of the renminbi (RMB), along with the implementation of capital flow measures, are longstanding concerns for China.

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DUBAIEYE Business Breakfast : Regional Economic Outlook with Coface

Massimo Falcioni, regional head of insurance firm Coface talks us through their latest research on how late payments are on the rise in the UAE.

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2017: A year of political and banking risks for emerging countries

Despite the recent economic upturn, uncertainties will continue to dominate the global economic climate this year.

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Infografics - 2017: An economic upturn in the face of political risk

Four major risks for 2017 but some positives points...

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South Africa’s economy challenged by crises in agriculture and mining, amid fears of an investment downgrade

Concerns over the country’s economic performance have been amplifying, due to its prolonged economic decline since 2011 (...)

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After a Series of Shocks in 2015 and 2016, Turkey’s Economy Is Coming to the End of its New “Tulip Era”

Greater political uncertainty resulting from two parliamentary elections in 2015, drying global liquidity due to the US Federal Reserve’s rate hike process and the weaker Turkish lira, all contributed to dragging down growth.

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Uberisation of French economy: a positive impact on employment but will it last?

Taxi company insolvencies in France increased by nearly 60% in one year, rising from 141 cases in August 2015, to 224 at the end of August 2016 and resulting in the loss of 3.38 jobs on average (...)

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Global sector risks in precarious balance

At the end of 2016, global sector trends remained mixed, including in the regions that until now have been relatively spared by the increase in risks. Over the whole year, across 12 sectors evaluated in six regions of the world, nearly half saw their assessments change. There were 23 downgrades for 10 upgrades.

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The First Arrow of Abenomics: Why Is it Not Working?

Why did the yen depreciation, which occurred during the early success of the first arrow, not boost Japan’s merchandise export volumes?

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Mexico’s Economy: More Difficult Times Ahead

In the 2nd Quarter of 2016, seasonally adjusted activity decelerated to 1.5 %, down from 2.5% y/y reported in the previous period. Industry, which shrank by 1.5% q/q, was the main contributor to this weak result, due to the fall in oil production and challenges faced by manufacturing and construction industries. The services sector also slowed during the period, to a growth rate of 2.4% YoY, down from 3.4% for 1Q2016.

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Coface results at 30 September 2016: Operating trends in line with Fit to Win

Xavier Durand, CEO of Coface, commented: These results are in line with the trends that we highlighted last September at our Investor Day.

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Pierre Bevierre joins Coface as Group Human Resources Director

Pierre Bevierre, who holds a post-graduate degree (DESS) in Human Resources from Paris Dauphine University, is appointed Group Human Resources Director with effect from January 2017.

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Franck Marzilli appointed Group Compliance Director of Coface

Effective in December 2016, with the objective of strengthening Coface’s controllership functions in a context of increasing complex and stringent regulations.

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Ajman CCI, Coface and NGI sign MoU to support trade business of member companies

The Ajman Chamber of Commerce and Industry has signed a Memorandum of Understanding (MoU) with Coface Emirates Services and National General Insurance Company (NGI) to extend trade credit solutions and risk management services to member companies of the Chamber.

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Coface strengthens UAE presence with new DIFC insurance licence

Coface, the worldwide leader in credit insurance, has obtained a new company licence from the Dubai Financial Services Authority (DFSA) to offer insurance management and intermediation services in the Dubai International Financial Centre (DIFC), strengthening its presence in the UAE through insurance services.

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The outlook for the us pharmaceuticals

Of all the industrialised nations, the USA has the highestn expenditure for public healthcare but poor results

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Company insolvencies in central, eastern and northern Europe: Positive trends but the decline will be slower than in 2015 in some countries

Company insolvencies in central, eastern and northern Europe:
Positive trends but the decline will be slower than in 2015 in some countries

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United Arab Emirates: A new era of slower growth

High level of diversification does not make the UAE totally immune from the energy prices fall, retail and tourism challenged

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Infografics - Despite persistent crises, Sub-saharan Africa presents opportunities in the 2025 time-frame

15 countries identified as having high potential consumer markets

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24 nations warming up for the euro 2016

Country risk assessments of qualified countries: their current form

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Quarterly update of Coface country risk assessments

The global economy is "Japanising": world growth remains low, despite ultra-expansionist monetary policies (...)

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Dubai Chamber - Business Beyond Borders Series

Dubai Chamber of Commerce & Industry in cooperation with Coface Emirates Services organised workshop on: Africa - Turn Risks Into Rewards on Wednesday, 23rd March 2016 at the Dubai Chamber premises.

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Coface 2015 results: net income €126M and proposed dividend stable at €0.48 per share (5)

At the end of 2015, a year marked by a deterioration in the global economic environment, Coface recorded a slight increase in net income (group share), at €126M (€125M in 2014).

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Coface Emirates Services awarded “Trade Credit Management Solutions Provider 2016” by MENA Insurance Review in Dubai

Coface Emirates Services, the UAE arm of the world’s leader in trade credit management solutions and risk information services, has been presented the Best Trade Credit Management Solutions Provider award at the MENA Insurance Review Awards 2016, held recently at the Ritz-Carlton DIFC, Dubai.

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Infographics: Country Risk Assessment Map - January 2016

160 Countries under the magnifying glass.

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Three Risks to Monitor in 2016: Weak Growth, Political Tensions and Company Debt in Emerging Economies

A cautious approach to country risk will be necessary in 2016, since the risks that emerged in 2015 are expected to continue this year. Coface forecasts global growth to remain soft at 2.7%, compared to 2.5% in 2015. At the forefront are the political tensions gaining ground in both advanced and emerging countries.

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The Board of Directors of Coface announces the appointment of Xavier Durand as Chief Executive Officer

This appointment will become effective following the Board of Directors’ meeting to be held on 9 February to approve the accounts for fiscal year 2015. Jean-Marc Pillu will continue in his role as Chief Executive Officer of Coface until this date.

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Commercial Bank International and National General Insurance Co sign trade credit insurance agreement, backed by Coface Credit Information Services

• Partnership will protect CBI’s corporate and commercial customers against nonpayment risks
• Mark Robinson, CEO of CBI: “Credit insurance-backed receivable financing is an essential offering worldwide and we are delighted to partner with NGI and Coface to offer this service in UAE.”

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Dubai Chamber, Coface, and NGI sign MOU to support trade with Africa

The Dubai Chamber of Commerce and Industry (DCCI) today signed a Memorandum of Understanding (MoU) with Coface and National General Insurance Company (NGI) for co-operation in supporting Dubai Chamber members with trade and export into African markets. The ceremony took place on the side-lines of the first day of the Africa Global Business Forum in Dubai.

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Egypt: slow recovery and structural challenges

Coface forecasts growth of 4.4% for 2015/2016

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Dubai Exports and Coface sign MOU to promote export and trade in UAE

Dubai Exports, the export promotion agency of the Department of Economic Development – Government of Dubai, today signed a Memorandum of Understanding (MoU) with Coface, the Compagnie Française d'Assurance pour le Commerce Extérieur, for co-operation in promoting trade and export.

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UAE economy to post strong growth of 3.1% in 2015, country’s ample foreign assets to mitigate lower oil prices: Coface

Coface Country Risk Conference discusses the impacts of low oil prices, economic diversification, and greater integration with global trade in the region’s economy
GCC countries expected to grow by 3.2% in 2015 and 3.1% in 2016, higher than many emerging and advanced economies
Current account surplus slated to dip from around 20% of the region’s GDP in 2013, to close to 0% in 2015

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Quarterly sector risk assessments update

Energy is more risky than ever, while Information and Communication Technologies is the only sector to receive a positive revision and automobile is adjusting.

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REGISTER NOW - Coface Country Risk Conference Dubai

Every year, the Coface Country Risk Conference is held in Paris , where Coface is headquartered, and a series of regional edition of the event is held is various other Coface locations. This year the Dubai edition of the conference is co-locating with the Global Trade Development Week 2015 being organized under the patronage of the Ministry of Economy. The details of the programme is available at http://www.kwglobaltrade.com/programme.html

The aim of the conference is to help those involved in international trade -whether they are CEOs, CFOs, commercial directors or credit managers- to make informed business or investment decisions. It can also help businesses refine their strategies to address promising new markets while better understanding the related risks.

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How Gulf Cooperation Council countries (GCC) are dealing with falling oil prices

As oil continues to be a major contributor to economic performance in the GCC, economic diversification is vital for the Gulf countries to ensure continued healthy growth. This has been showcased in Saudi Arabia and the UAE, which are driving sustained GDP growth through significant government investment in non-oil sectors. In the UAE, the food and beverage sector is forecasted to grow by 36% between 2014 and 2019, while KSA’s automotive industry is slated to rise by 5.2% in 2015.

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Company insolvencies in Western Europe: a drop of 7% expected in 2015 but the situation is contrasted

Company insolvencies in Western Europe have experienced two successive storms. The subprime crisis, which made insolvencies jump by an average of +11% in the twelve countries studied, was unsurprisingly followed by further shock waves, with increases of 8% in 2012 and 5% in 2013. Today the skies have begun to clear. The average drop of 9% observed in 2014 will continue with -7% in 2015. While insolvencies continue to increase in Italy and Norway, we are seeing the positive impact of the timid recovery in the eurozone in ten other countries (Germany, Belgium, Denmark, Finland, France, the Netherlands, Portugal, United Kingdom, Spain and Sweden).

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Country risk map - 2nd quarter 2015

This map gives you a global overview of country risk assessments. Coface's methodology in assessing country risk uses macroeconomic expertise, comprehension of the business environment and microeconomic data collected over 70 years of payment experience.

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Coface Panorama on Sub-Saharan Africa:Three East African Economies Are Sheltered from the Economic Storm

Global credit insurer Coface recently reviewed the economic situation in 45 African countries, finding 13 growing economies despite the fall in world commodity prices, and three economies that have the ingredients needed for dynamic growth in both the short and long-term.

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Is India’s economic revival thanks to the Modi government?

In May 2015, the IMF highlighted India as “one of the bright spots in the global economy”, mainly due to more effective policies and the end of political uncertainty. Coface expects the country’s GDP growth to reach 7.5%. But to what extent have Modi’s reforms contributed to the recent pickup in growth? Are the improvements in the economy without risks?

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The end of milk quotas: New rules

April 1st 2015 marked the end of milk quotas in Europe, a regulatory tool imposed in 1984 in response to overproduction, leading to the so-called “butter mountain” and the “milk lake”. For the first time in 30 years, the market alone will determine the quantities of milk produced. Are French dairy farmers ready for this? Is the abolition of milk quotas going to make it possible for milk producers to supply the rapidly growing markets in Asia? Or to develop to meet the high level of demand for organic products?

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Coface Country Risk Conference to Co-Locate With Global Trade Development Week

Coface Country Risk Conference to Co-Locate With Global Trade Development Week

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Coface Study: Five Advanced Economies Will Avoid the Risk of Stagnation Within the Next Decade

More than three years after the official recovery, advanced economies are struggling to return to a path of sustained growth, according to a study by global credit insurer Coface. Some are even facing stagnant growth. But not all advanced economies are in the same position when it comes to this risk of long-term stagnation and some exceptions stand out in what is a fragile global landscape. Which of the OECD’s advanced economies have what it takes to accelerate their growth over the next decade?

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Corporate overdue payments in China at high levels: 80% of corporates affected in 2014

Slower growth and increase in non-performing loans expected in 2015.

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Impact of lower international oil prices on Latin America

Latin America is a major producer of commodities and the recent drop in oil prices is impacting the region’s countries in different ways. Which countries could benefit from lower international quotations - and why are others negatively impacted?

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Turkey: Depreciation in exchange rates and sluggish domestic demand affect corporate payment performance

Disclosure of the exit strategy by FED Chairman Ben Bernanke in May 2013 triggered a new period marked by a change in the risk perception towards developing economies in financial markets. Turkey entered this period with a high current accounts deficit, a production sector substantially dependent on imports and three successive elections.

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Middle East and North Africa region: What progress after the “Arab Spring”?

After a period of political and social turmoil, the economic activity is gaining strength in the Middle East and North Africa region. The growth is expected to stand at 2.6 percent in 2014 and to accelerate to 3.2 percent in 2015 on the back of global economic recovery and preliminary signs of political consensus in some countries of the region. However the growth performance will continue to stand below the 2000-2010 average of 5.4 percent.

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“Low-flation” in France, the sign of a change in pace of growth

In a context of slow inflation (“low-flation”) and flat growth, France is in danger of not being able to escape the vicious circle of falling prices. Is it possible that France (...)

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Coface AA- rating affirmed by Fitch

Fitch Ratings issued today, Monday December 15th, a press release in which it affirmed Coface’s Insurer Financial Strength (IFS) rating at 'AA-', Outlook Stable.

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Managing Unpaid Invoices

Coface trade credit insurance offers you a way to protect against losses resulting from unpaid invoices.

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After the economic crisis, what does the future hold for pharmaceutical companies in Europe?

The pharmaceutical sector’s dependence on the economic situation of European countries proved to be crippling for the industry during the 2008-09 crisis, and once again during the sovereign debt crisis of 2011-12. Particularly weakened by reduced health expenditure in Europe, pharmaceutical companies are now looking to revive, expand into new markets and invest in niche markets to break the deadlock.

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Coface quarterly sector risks assessments: 14 sectors in three major regions of the world

For Coface, this year-end shows a clear improvement in the North American sector risk. After a short-lived downturn due to the poor climate conditions in the first quarter, the United States has resumed solid and balanced growth (forecast at 2.0% in 2014 and 2.5% in 2015). Companies have taken advantage of the favourable momentum in consumption and investment, as is shown by the high level of their profits.

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Polish insolvencies stop rising - but for how long?

The insolvency statistics for Polish companies reflect an improvement during the first half of 2014. In total 402 companies declared bankruptcy, representing a decrease of 11.5% compared to the same period in 2013.

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Global trade: a return to pre-crisis levels is unlikely, but the potential for growth exists

Following thirty years of unprecedented expansion, global trade is experiencing a period of radical change.

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UAE economy growing stronger: with support of an effective diversification policy

The United Arab Emirates (UAE) country assessment has been ranked at A3, with economic growth expected to stand at around 5 percent in 2014.The country assessment provides an insight into the average payment incident level presented by companies in a country in connection with their short term trading transactions.The UAE business climate which measures corporate risk, considers a number of factors such as the availability of company reports, reliability and the effectiveness of legal system has also been assessed at A3. After contracting around 5 percent in 2009, the UAE’s economy gradually recovered, recording solid growth rates with 5.2 percent witnessed in 2013.

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Carrot-and-stick : Challenges ahead for the Chinese economy

Since the beginning of the year, the Chinese government has continued its efforts to implement various items on the reform agenda, particularly those concerning...

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Launch of CofaMove application: CofaNet goes mobile

Coface now offers customers a mobile application providing access anywhere and at any time to the essential features of Cofanet, its online platform for managing credit insurance contracts. The application will be available for download at the Apple App Store and Google Play Store.

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Romania at the front line of economic growth in 2013 – but will it catch up after the contraction in 2014?

Romania’s economic performance has made it one of the leaders in Europe’s recovery. Its growth has exceeded expectations, with GDP rising by 3.5% in 2013.

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Serbia becomes 98th market for Coface’s credit insurance offer

Coface, a world-leading credit insurer, is enriching its offer in Serbia through a local partnership with Axa. From now on, in addition to debt collection and business information services, Serbian companies can benefit from Coface’s longstanding expertise in credit insurance and its international footprint.

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Downgraded to A4, Brazilian economy gears towards a year of adjustments in 2015

Coface expects a considerable slowdown of GDP in 2014 (at +1.3% in 2014, down from +2.5% in 2013), due to household consumption growing at a slower pace, investments losing momentum and a weak trade balance. Coface considers 2015 to be a turning point, boosting GDP in the medium term.

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The Turkish economy - what to expect in 2014

Prior to the forthcoming presidential elections in August 2014, Coface is cautious in its assessment of corporate risks in Turkey. If political tensions rise again, as happened in December and January, investors may flee the country which could result in a fluctuation in Forex markets. Such a situation would negatively impact the corporate sector’s external debt stock, already at a record high.

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Coface Country Risk Update: Improvement in Western Europe and the "New" Emerging Economies

Improvement in Western Europe and the "New" Emerging Economies

In its latest country risk Panorama, global credit insurer Coface forecasts the acceleration in global growth to 3% in 2014 and 3.3% in 2015, up from 2.6% in 2013. As a result, Coface has upgraded the country risk assessments of Germany, Austria, United Kingdom, Spain, Kenya, Sri Lanka, Nigeria and Rwanda. In the only negative action, the positive watch on Latvia’s rating was removed.

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The UK upgraded to A2 due to the strength of its recovery

Affected in 2009 by a recession more intense than other European countries under the effect of a sharp drop in household consumption and investment, the British economy is currently distinguished by the strength of renewed growth (1.8% in 2013). Forecast at +2.7% in 2014 by Coface, it could be as dynamic as that of the United States and exceed Germany (2%).

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Stabilisation of corporate overdue payments in Asia Pacific but new worries over slowing growth in China

According to the Coface survey of credit risk management in Asia Pacific , corporate payment experience in the region stabilized overall in 2013, with the exception of companies in Australia and China which saw a greater number of non-payments. Slowing growth in China remains a concern for corporates in other economies in the region in 2014.

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Coface forecasts a 13% drop in SME insolvencies in Spain and stabilisation in France in 2014

With comparable profiles in terms of entrepreneurial activity, Spain and France are following a worrying trend in terms of company insolvencies. However, SMEs in the two countries have evolved differently since the 2008-2009 crisis, and insolvency forecasts for 2014 further underline this divergence.

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With Coface, trade in total confidence

Watch the video to see why choosing Coface ensures peace of mind, whatever the circumstances.

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Insolvencies in Central and Eastern Europe 2013: New peak with 70,000 companies affected

Companies in the CEE region faced a challenging year in 2013: The already weak economic situation deteriorated and household consumption decreased due to fiscal measures designed to tackle rising budget deficits. Access to credit was further constrained in line with reduced supply and demand for new loans.

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New paradigm for the electronics industry in Asia: clear dynamism, increased risks

Emerging Asia is the new epicentre of electronics innovation. Local companies are now counting on the internalisation of production and research. However, the dynamism of the sector faces new risks, as the gradual rise in unpaid invoices. In 2013, close to 3 out of 4 companies in the electronics & IT sector in Asia-Pacific experienced overdue payments.

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Coface quarterly credit risks survey: 14 sectors in three major regions of the world

Sector risk stabilising in North America and Europe but becoming a source of concern in emerging Asia.

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Coface identifies 10 emerging countries hot on the heels of the BRICS

After 10 years of frenetic growth, the BRICS are slowing down sharply: for 2014, Coface forecasts growth of on average 3.2 points lower than the average growth these countries registered over the previous decade. At the same time, other emerging countries are accelerating their development.

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Coface is optimistic about business risks in the United States and concerned about those of emerging countries such as Brazil and Thailand

Revised Country Risk assessments. Overall, advanced economies are doing better. The concerns come from the emerging countries, which are facing a structural decline in growth.

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Victims of sluggish growth, businesses in Central Europe will not emerge from the crisis in 2013

Compared to Western Europe, defaults in Eastern Europe are accelerating at a very high rate.

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Coface CEE Top 500: Top companies with increasing turnover but sharply declining profits

Poland again ranked first, Hungary and Romania catching up while Ukraine dropping out of the Top 3

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The gap between Europe and the rest of the world is widening

Credit risks still high in Europe but the outlook is favourable in Emerging Asia and in North America.

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Antonio Marchitelli joins Coface as new Mediterranean and African Region Manager

Antonio Marchitelli has been appointed Mediterranean and African Region Manager of Coface, effective from March 1st 2013.

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The crisis in Europe

Based on its day-to-day contact with companies worldwide, Coface has issued a cautious scenario for the global economy in 2013.

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A new identity and a new tagline for Coface

A new brand positioning, symbol of a strong commitment to clients.

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Richard Burton is appointed Manager of the Asia Pacific Platform

He held the position of Deputy Manager up until he took over from Jean-Claude Speitel who retired at the end of May.

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