May 23, 2022

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Coface expands its presence in New Zealand by opening a local office

Coface expands its presence in New Zealand by opening a local office

Coffees, a global credit insurer, announced the opening of a branch in New Zealand on April 1 after obtaining approval from the Reserve Bank of New Zealand.

This opening in a new country further strengthens the international coverage of the group. With 75 years of experience, Coface is a leader in business credit insurance with a very comprehensive international network. It is physically located in 100 countries and provides advice on their loan decisions to approximately 50,000 clients in nearly 200 countries.

As a business credit insurer, Coface advises and protects companies that face the risk of financial loss as a result of the long-term default, bankruptcy or bankruptcy of their buyers.

Coface also provides business information services based on a global database of 130 million companies to help its customers make better business decisions.

According to the World Bank, New Zealand’s export value reached $ 50.543 billion by 2020, making it a vibrant market for credit insurance and business information services. Coface has been serving customers in New Zealand for over 20 years providing policies through its Australian office. With this new license, Coface is well-positioned to serve brokers and to secure business with companies of all sizes trading here and abroad.

“About 40 per cent of a typical company’s assets are in the form of its outstanding sales segment and are the largest non – insured risk. Although commercial credit insurance is common in Europe, New Zealand businesses are not always aware that credit risk can be insured and guaranteed., Says Chris Little, Coface Country Manager for Australia and New Zealand.

The size of the trade credit insurance market is estimated at $ 9.39 billion in 2019 and is projected to reach $ 18.14 billion in 2027, growing 8.6% from 2020 to 2027.

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In 2022, Coface sees the expected pick-up on claims as bankruptcy continues to rise following government incentives and rising economic and geopolitical tensions. ⁇There is a high demand for quotes this year Companies seek to make informed decisions about the assumption of these risks or their application Credit insurance is a tool to operate and grow safelyChris Little adds.

“We are committed to providing world-class business credit insurance services to our customers. To achieve this goal, we need to be as close as possible to them. By opening this branch we will be able to offer our services directly to New Zealand companies. We will work closely with brokers to provide options for New Zealand companies to trade and develop their markets locally and abroad. Xavier Durand, CEO of Coface Group;