• Updated wording simplifies and broadens cover as standard; enables new growth opportunities for brokers and insureds
• New wording takes immediate effect for new business; existing policies to transition at renewal

Allianz Trade, the global leader in trade credit insurance and a recognized specialist in the areas of surety, collections, structured trade credit and political risk, today announces the launch of its next generation Trade Credit Insurance product in the UK & Ireland.

Trade Credit Insurance is a core pillar of Allianz Trade’s offering. Trade Credit Insurance is a B2B insurance product designed to cover the non-payment risks of trade receivables in the event a customer cannot pay under the terms of an agreed contract.

A major milestone in Allianz Trade’s journey of innovation, the refreshed Trade Credit Insurance product suite provides a range of new features to enhance efficiency for brokers and insureds alike, including:

• Better cover: Among a range of enhancements to existing provisions, the policy will now include:
  
  o    Fully retrospective cover for approved buyer risks
  o    CEND (Confiscation, Expropriation, Nationalisation and Destruction) Political Risk coverage as standard, where it was not included as part of the core Trade Credit Insurance product before
  o    Enhanced Delayed Effect cover, eliminating uncertainty over riskier credit limits an insured may offer to customers
•  Improved experience: Simpler policy documentation, with a quick access online portal to retrieve policy documentation and other key information.
• Further opportunities for international growth: New T&Cs are grouped into country zones rather than per country, making it even more efficient to arrange cover for insureds which trade in multiple jurisdictions, with additional flexibility on coverage in those zones

All new business will be underwritten per the terms of the new policy wording, while existing policies will transition at natural renewal points throughout the year.

Sarah Murrow, CEO for the UK & Ireland, Allianz Trade said: “Since the inception of the UK & Ireland business, over 100 years ago, we have been committed to innovating and providing a service that keeps pace with the needs of our brokers and insureds. International trade today faces significant pressure from multiple directions, and it’s becoming more complex. Our research suggests global insolvencies will rise again this year by 9%, so covering non-payment risks will be a matter of survival for many businesses.

“Our updated policy wording is designed to give our insureds the security and confidence to trade and grow, despite prevailing economic uncertainty, while providing brokers with a solution that is simple to use and makes their job easier.”

Peter Evola, Commercial Director for the UK & Ireland, Allianz Trade, said: “Today is a key milestone not just for Allianz Trade in the UK & Ireland, but represents a shift for the entire trade credit market. The message is loud and clear: we are prioritising innovation to ensure our core product is what our clients and partners need today, to give them confidence to trade tomorrow, and to give us a base to innovate even further in the future.

“Early feedback from our brokers is encouraging. I’m immensely proud of our team for creating such a comprehensive product suite that is easy to use, and cements our position as the leading trade credit insurer.”

Today’s launch marks the latest milestone in Allianz Trade’s transformation journey, and closely follows the launch of Allianz Trade pay, an innovative product suite insuring B2B e-commerce activities. Allianz Trade pay includes a trade credit insurance protection, a fraud module, a digital buyer onboarding solution and instant financing solution through one of our financial institution partners.

ENDS

About Allianz Trade

Allianz Trade is the global leader in trade credit insurance and a recognized specialist in the areas of surety, collections, structured trade credit and political risk. Our proprietary intelligence network analyses daily changes in +83 million corporates solvency. We give companies the confidence to trade by securing their payments. We compensate your company in the event of a bad debt, but more importantly, we help you avoid bad debt in the first place. Whenever we provide trade credit insurance or other finance solutions, our priority is predictive protection. But, when the unexpected arrives, our AA credit rating means we have the resources, backed by Allianz to provide compensation to maintain your business. Headquartered in Paris, Allianz Trade is present in over 50 countries with 5,700 employees. In 2023, our consolidated turnover was € 3.7 billion and insured global business transactions represented € 1,131 billion in exposure.