In December 2020 ITFA member, The Texel Group, a Non Payment Insurance (NPI) broker, shared the results of their NPI Insurer COVID-19 survey which was coordinated between their London, Singapore, New York and Brussels offices and included responses from 67 underwriting teams across the respective underwriting hubs. Texel wanted to share data-backed analysis of how the NPI market has evolved since the arrival of the pandemic, being mindful that the results may be a function of many factors unrelated to COVID-19. Texel hopes the results are informative and reiterate NPI as a reliable long-term risk distribution tool and advertise the breadth and depth of insurer capacity and capabilities. In the survey the broker presents 10 key takeaways since March 2020 which seek to demonstrate that the NPI market is open, binding policies, paying claims and continuing to grow as before.

Huw Owen Head of Underwriting and London Markets – Financial Risk Solutions at Liberty Specialty Markets confirmed to us: “This is a great survey that clearly and concisely presents the capabilities of the CPRI market, and it is encouraging to see the level of engagement by the underwriting community and their willingness to provide objective responses to a raft of targeted questions.  Liberty is very supportive of any initiative that seeks to increase transparency and demonstrate the breadth of cover, strength and robustness of the CPRI market as a long-term partner, and especially one that shines a light on its performance through a period of stress.  We would welcome more regular anonymised data collection efforts that provide clients, brokers and carriers with more visibility of the CPRI market trends at a macro level.”

The survey and the summary to it are available for our ITFA members here.

Further, ITFA has dedicated a webinar to the results of this valuable survey. Moderated by Silja Calac, this webinar provided reassurances. Simon Baker from Texel walked us through the results obtained from the survey organised by Texel. One of its scopes being that of showing that NPI has been and continues to be a reliable long-term distribution solution. Then, a Brexit update was delivered by Carole Searle, General Counsel at Texel, reassuring participants that Insurers and Brokers have worked to establish an EEA/UK entity so as to be able to continue to service EEA/UK clients. Finally, what conclusions can we draw from the past? Texel’s Katie Fowler discussed this with Sam Wilde from Liberty and Jean-Maurice Elkouby from ING.

ITFA thinks that this is a perfect timing! News in the recent days definitely necessitated the need for some clarifications about the insurance product, and how well such a product works.

All members are invited to view the webinar’s recording uploaded on our website

Please also read the recent ITFA newsflash on the topic of Trade Credit Insurance.

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