05/02/2023
Country risk and economic studies
Two experts from Coface reveal the risks and opportunities of China for businesses, in light of tumultuous current events.
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04/25/2023
Country risk and economic studies
In early April, Saudi Arabia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman announced combined oil output cuts of more than 1.1 million barrels per day (b/d), surprising the markets. This commitment follows a first production cut announced in October 2022 by OPEC+. It comes in addition of Russia's decision to cut output by around 500,000 b/d in reaction to the implementation of a EU ban on seaborne imports of Russian oil and oil products.
Read our press release here for more.
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Debt collection is a tricky business for companies of all shapes and sizes, but the process is particularly vital to small and medium sized enterprises (SMEs), which often don’t have the cash flow to absorb losses as easily as larger organisations.
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03/28/2023
Corporate news
Coface is pleased to announce the appointment of Grishma Kewada as Country Manager for Singapore effective April 1st 2023. She reports directly to Graham Crozier, CEO of Coface South East Asia & India and is based in Singapore.
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03/22/2023
Country risk and economic studies
California and federal banking regulators shut down Silicon Valley Bank (SVB) and seized its deposits citing both illiquidity and insolvency. This is the 2nd largest failure of a U.S. financial institution after Washington Mutual in 2008. Read our expert's analysis of the situation.
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For those who are in the business of exporting goods and raw materials, it is worth considering taking advantage of export insurance, or export credit insurance. Export insurance, simply reduces the payment risk associated with foreign trade.
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02/16/2023
Corporate news
Coface releases its FY-2022 results: record net income at €283.1m and 80% pay-out ratio
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02/14/2023
Country risk and economic studies
2023 starts with good news on the macroeconomic front. First, Europe has avoided a recession that looked long promised. Second, the prospect of a rebound in China in the second half of the year, also raises hopes for the global economy. In this context, Coface's risk assessments have changed only slightly, with 5 changes for country risks and 16 changes for sector risks. Discover which ones in our latest barometer.
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Credit insurance is the best way for companies to protect themselves against the financial consequences of unpaid invoices. No matter the credit terms you lay out for your clients, there is always the risk that they are going to pay a bill late, or worse not pay at all.
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While it’s hugely important to understand TCI as a whole, it’s also critical for businesses to know what goes into selecting the right type of trade credit insurance policy, as well as some of the other ways that trading risks can be managed and reduced.
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Risk Intelligence is capable of analyzing data, forecasting, and making recommendations. Employ technology to become better positioned for future risks.
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Business Intelligence helps teams make more data-driven decisions. Companies use BI platforms to import, analyze, and transform data into business insights.
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10/27/2022
Corporate news
Coface reports a new record result of €84.0m in Q3-2022. Annualised return on tangible equity at 16.4%
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10/25/2022
Country risk and economic studies
While the sources of economic uncertainty are legion, new political disturbances could be added to their ranks. The new geopolitical landscape opened up by Russia's actions could reawaken risks in other global hot spots.
More about those hot regions and countries.
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10/17/2022
Country risk and economic studies
Beyond the repercussions of the war in Ukraine, the global monetary tightening and the multiple constraints on Chinese growth paint a gloomy outlook. In the short term, the economy seems to be settling into a regime of "stagflation", where almost no growth and rapidly rising prices coexist. The possibility of a global recession, meanwhile, is becoming clearer.
In this context, Coface is making general downward revisions to its GDP growth forecasts and its country and sectoral assessments. Check them out!
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10/11/2022
Corporate news
The rating agency Moody’s, on 11th October 2022, has confirmed the financial strength rating (Insurance Financial Strength Rating – IFSR) for Coface at A2. The agency has also changed the outlook for Coface to positive from stable.
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Credit is the risk of losses arising from the obligor’s failure to meet contractual obligations. Read a practical guide on how to manage credit risk.
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A credit report is the best source of information when looking to check your customers. Here are five different ways credit reports can help your company.
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09/19/2022
Country risk and economic studies
The impact on corporate payments in 2022 appears to be moderate and comparatively lower than the shock on the economy. However, companies are vigilant in the short-term and very pessimistic about the future.
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When business owners need to conduct background checks on their suppliers, customers, partners, and vendors, they use business information reports. The business information reports come in the form of a Company Profile Report, a Business Profile Report, and a Credit Report. Even though these terms are used interchangeably, they might differ in essence.
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Export credit insurance (ECI) protects your business against losses arising from international trade in case of non-payment by a foreign buyer.
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07/28/2022
Corporate news
Coface confirms its excellent start of the year with first-half net income of €144.4m. Annualised return on tangible equity at 15.4%. Turnover for the first half of the year: €895m, up 14.6% at constant FX and perimeter and up 16.5% on a reported basis.
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07/06/2022
Corporate news
Coface announces today the appointment of Jun Minorikawa as Japan Country Manager effective as of today. In addition to the management and development of Coface’s branch in Japan, Jun will be in charge of further expanding the portfolio of Japanese Multinationals clients globally.
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06/29/2022
Country risk and economic studies
Coface’s 2022 Asia Corporate Payment Survey, conducted between November 2021 and February 2022, provides insights into the evolution of payment behaviour and credit management practices of about 2,800 companies across the Asia-Pacific region during another 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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06/22/2022
Country risk and economic studies
Four months after the start of hostilities in Ukraine, first lessons can be drawn.
Which countries and sectors are doing best? Which ones are going to face major difficulties?
Read the forecasts from our Q2 Barometer now.
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06/17/2022
Country risk and economic studies
Various economic conditions, support measures and legal changes have affected insolvency trends in the Central and Eastern Europe region over the last two years.
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06/01/2022
Corporate news
Coface and Al Rajhi Takaful, one of the largest financial institutions and insurance company in the Kingdom of Saudi Arabia, have entered into a strategic partnership to distribute credit insurance solutions and help Saudi Companies boost their growth in their domestic and export markets.
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Trade finance refers to the settlement arrangements used by importers and exporters to mitigate trade risks and ensure the terms and conditions of an underlying contract are met.
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05/26/2022
Country risk and economic studies
In the short run, all sectors for which Coface publishes sector risk assessments in six regions worldwide will be impacted by the knock-on effects of Russia’s invasion of Ukraine. Which ones would be the most resilient sectors? Read our full study now!
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05/11/2022
Country risk and economic studies
Coface’s 2022 China Corporate Payment Survey shows that fewer firms encountered payment delays in 2021, but those that did report longer periods of overdue payments than in the previous year. The average payment delay rose from 79 days in 2020 to 86 days in 2021. Firms in 9 out of 13 sectors reported an increase in payment delays, led by agri-food, which recorded the largest increase of 43 days, followed by wood, transport, and textile.
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05/10/2022
Country risk and economic studies
More than two months after the start of the war in Ukraine, of Russia’s invasion of Ukraine on 24 February, prospects for a rapid resolution of the war seem increasingly unlikely. As sanctions against Russia continue to pile up, a return to the pre-war situation seems illusory, even in the event of an early end to the conflict.
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05/06/2022
Corporate news
Coface announces the appointment of Hugh Burke as the CEO of Coface Asia-Pacific Region, effective on April 1, 2022.
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04/28/2022
Corporate news
Coface releases its 3M-2022 Financial Results: a strong start to the year with a net income of €66.2m.
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04/04/2022
Corporate news
Global Credit insurer Coface today announces it has opened a branch in New Zealand after receiving the approval from the Reserve Bank of New Zealand on 1 April.
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03/10/2022
Country risk and economic studies
The Russia-Ukraine conflict has triggered turmoil in the financial markets, and drastically increased uncertainty about the recovery of the global economy. Since our last publication, the world has shifted, so have the risks.
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02/22/2022
Country risk and economic studies
Two years after the onset of the pandemic, the global economy continues to recover, but still faces significant challenges. Download the Coface Q4 2021 Country & Sector Risk Barometer and its press release here.
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02/15/2022
Corporate news
Coface FY-2021 results: net income at €223.8m and 100% pay-out ratio.
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Do you lack global economic knowledge to invest confidently? Are you struggling to understand how country and sectors contexts can affect your business? Before you decide to do business internationally, it is important for you to incorporate country-specific risks into your decision.
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01/18/2022
Country risk and economic studies
According to Coface's 2021 study on the payment behaviour of companies in Morocco, contractual payment terms in the country remain long, reaching an average of 79 days. However, they have improved significantly, with a shorter duration of about 14 days compared to the previous survey conducted in 2019.
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01/17/2022
Country risk and economic studies
To mark the 20th anniversary of the euro’s introduction into European wallets, Coface's economic research team has examined the effects that this change has had in macroeconomic terms.
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01/05/2022
Corporate news, Product news
GlobaLiner supports the development of multinational companies with faster contract issuance and greater control over local insurance policies.
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Late payment or unpaid invoices are an inevitable part of any business. The first step to avoid the probability of default begins with understanding the financial situation of your customer. Knowing your customer, its company details, financial stability, payment behavior, credit history, etc. will help you to avoid bad deals and reduce credit risks. ICON, a new business intelligence platform developed by Coface designed to help businesses assess debtors' and suppliers' financial situation.
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11/03/2021
Country risk and economic studies
In the past 18 months, the US congress authorized more than 25% of GDP in spending to respond to the COVID-19 pandemic
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The settlement of debts owed by either another company or an individual is a common challenge that businesses often experience. Debt collection can be a complex and highly involved process. It is time-consuming, especially if the debtor refuses to cooperate. Therefore, it makes sense to consider leveraging the services of a third-party debt collector.
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10/28/2021
Corporate news
Turnover of first nine months: €1,158m, up +7.9% at constant FX and perimeter, and up +8.9% in Q3-2021
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10/27/2021
Country risk and economic studies
As the Covid-19 situation begins to improve, notably with the implementation of vaccination campaigns, there has been a rebound in consumption, particularly in developed countries. For emerging countries, the economic recovery is benefiting export-oriented countries, but service-dependent economies are lagging behind. Read our in-depth analysis in our latest Country and Sector Risk Barometer.
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10/18/2021
Country risk and economic studies
The retail sector’s activity has been affected by the COVID crisis through social distancing measures and closure of stores. However, the effect of the pandemic on the sector greatly varies across countries and segments. Check our study to know it all.
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10/13/2021
Country risk and economic studies
Coface observes that LatAm countries’ foreign sales growth rates are expected to exceed their domestic demand expansion. Indeed the region’s activity rebound should be lower than the global average recovery, and more specifically lower than the Chinese and U.S. recoveries. Therefore, sales to China and the U.S. should post a bright performance in 2021. In terms of significance for Latin American exports, China should continue to gain ground over the U.S.
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10/11/2021
Country risk and economic studies
Coface’s Country Risk Assessment model now includes an environmental indicator. Our Economist Melina London explains how it works.
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In order to protect your business from late payments or non-payments, make sure you use the right tools to check the creditworthiness of potential customers before you extend credit. Here are some useful ways to determine the creditworthiness of potential customers.
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09/30/2021
Country risk and economic studies
While the restrictions linked to the COVID-19 pandemic put a temporary stop to the upsurge of protest movements, a new wave is on the horizon. Protests, mainly in emerging countries, are expected to increase due to an unprecedented deterioration of socio-economic indicators.
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09/17/2021
Country risk and economic studies
The 5th edition of Coface’s survey on corporate payment experience in Germany suggests that German companies have acclimatised to the pandemic environment, with more companies offering payment terms and a positive outlook from surveyed companies.
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09/07/2021
Country risk and economic studies
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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Trade credit insurance (TCI) is one of the most effective ways to protect your business operations from unseen issues with cash flow, unpaid invoices and bad debts. It helps your business to grow.
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09/01/2021
Corporate news
Coface strengthens further its leadership team and thus is pleased to announce new appointments within its executive committee
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Trade credit insurance, also known as credit insurance, is a risk management tool that covers losses arising from non-payment of goods and/or services. There is a significant amount of trade credit risk when doing business domestically or internationally.
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Your business moves fast – and sometimes your life moves even faster! Now you can set the pace with CofaMove, the Coface app for swift credit risk management when you’re on the-go.
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08/04/2021
Corporate news
Coface announces today the appointment of the appointment of Pamela Woon as Regional Head of Business Information Services, Asia Pacific Region, effective July 1, 2021. Based in Singapore, Pamela will report directly to Bhupesh Gupta, CEO of Coface for Asia Pacific Region.
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08/02/2021
Country risk and economic studies
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. But imbalances between supply and demand are pushing up their prices, even though the market share of electric vehicles remains modest. In its latest analysis, Coface does not foresee any major changes in these price trends over the next two years.
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08/02/2021
Corporate news
Coface announces today the appointment of Christopher Murphy as Regional Head of Mid-Market and Partners, Asia Pacific Region, effective August 1, 2021. Based in Hong Kong, Chris will report directly to Hugh Burke, Chief Commercial Officer of Coface for Asia Pacific Region.
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07/29/2021
Corporate news
Coface announces today the appointment of Yasuyo Arihara as Coface Global Solutions – Japanese Solutions Commercial Director with effect from 1st July 2021. Based in Tokyo, Yasuyo reports directly to Shinkichi Hayashi, Global Head of Japanese Solutions.
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07/28/2021
Corporate news
Coface reports first-half net income of €123.2m, confirming an excellent start to the year. Turnover: €768m, up 7.4% at constant FX and perimeter.
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07/14/2021
Country risk and economic studies
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. GDP growth forecasts for 2021 have been revised upwards (+5.6%), but this is mainly the result of positive surprises from the United States. These improved growth prospects are reflected in world trade: after a 5% decline in volume last year, Coface forecasts an 11% increase for 2021.
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07/09/2021
Country risk and economic studies
Remote work has emerged as a new norm during the Covid-19 pandemic. 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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07/05/2021
Country risk and economic studies
Coface’s 2021 Asia Corporate Payment Survey 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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05/26/2021
Country risk and economic studies
Coface expects an increase in bond defaults and insolvencies in 2021, especially among sectors that accumulated higher cash-flow risks in 2020 amid a slowdown in credit growth.
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05/14/2021
Country risk and economic studies
Insolvencies in Germany dropped significantly in 2020 compared to 2019 - despite the worst recession since 2009.
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05/06/2021
Country risk and economic studies
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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04/27/2021
Corporate news
Coface records a good start to the year with a net income of €56.4m ; Turnover: €378m, up 4.2% at constant FX and perimeter.
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04/20/2021
Corporate news
The rating agency Fitch, on 20th April 2021, affirmed Coface AA- Insurer Financial Strength (IFS) rating. The agency also removed the Rating Watch Negative. The outlook is now stable.
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04/14/2021
Country risk and economic studies
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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04/08/2021
Country risk and economic studies
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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03/23/2021
Country risk and economic studies
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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03/17/2021
Country risk and economic studies
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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02/18/2021
Country risk and economic studies
In its latest quarterly Barometer and on the occasion of the publication of the country and sector risk guide, Coface highlights an uneven recovery across countries, sectors of activity and income levels.
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02/16/2021
Country risk and economic studies
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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02/14/2021
Corporate news
The rating agency Moody’s, on 10th February 2021, has confirmed the financial strength rating (Insurance Financial Strength – IFS) for Coface at A2. The agency has also raised the outlook for Coface, which is now stable.
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02/10/2021
Corporate news
Coface releases its FY 2020 Financial Results.
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02/10/2021
Corporate news
Following the change in the shareholder base and the arrival of Arch Capital Group Ltd. in Coface's capital, COFACE SA's Board of Directors is evolving. Bernardo Sanchez Incera has been appointed Chairman of the Board of Directors.
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01/14/2021
Corporate news, Country risk and economic studies
This year at our Country Risk Conference: 3 round tables to embrace the new business risks in a post-covid world.
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12/10/2020
Corporate news
Coface announces today the appointment of Bernard Aw as Economist for the Asia Pacific Region, effective December 1, 2020.
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12/02/2020
Corporate news
Coface has signed the LGBT+ Commitment Charter of L’autre cercle, an association that promotes greater LGBT+ inclusion in the workplace.
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10/26/2020
Corporate news
Coface releases its 9M-2020 Financial Results : A strong balance sheet and positive operational KPIs allow to launch share buyback programme
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10/07/2020
Country risk and economic studies
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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09/17/2020
Country risk and economic studies
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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07/29/2020
Corporate news
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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07/23/2020
Country risk and economic studies
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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07/21/2020
Country risk and economic studies
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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07/15/2020
Country risk and economic studies
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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07/06/2020
Corporate news
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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07/02/2020
Country risk and economic studies
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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06/29/2020
Country risk and economic studies
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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06/19/2020
Corporate news
Coface announces today the appointment of Shinkichi Hayashi as Japan Country Manager effective 1 June 2020. Shinkichi will replace Tetsuya Komatsu, who has decided to leave Coface for personal reasons. We would like to sincerely thank Tetsuya for his contributions.
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06/18/2020
Country risk and economic studies
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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06/09/2020
Country risk and economic studies
Coface forecasts that the recession in 2020 (a 4.4% drop in world GDP) will be stronger than that of 2009. Despite the recovery expected in 2021 (+5.1%) – assuming there is no second wave of the coronavirus pandemic – GDP would remain 2 to 5 points lower in the United States, the eurozone, Japan, and the United Kingdom, when compared to 2019 levels.
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06/02/2020
Country risk and economic studies
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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05/28/2020
Country risk and economic studies
Early 2020 marked by a sudden interruption in world trade, hampered by a global recession and soaring uncertainty
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05/04/2020
Country risk and economic studies
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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04/23/2020
Corporate news
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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04/15/2020
Country risk and economic studies
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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04/07/2020
Country risk and economic studies
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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03/31/2020
Corporate news
The rating agency Fitch has, on 31 March 2020 placed Coface on Rating Watch Negative. This includes Coface’s Insurer Financial Strength (IFS) rating.
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03/27/2020
Corporate news
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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03/06/2020
Country risk and economic studies
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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02/25/2020
Corporate news
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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02/25/2020
Corporate news
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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02/24/2020
Corporate news
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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02/06/2020
Country risk and economic studies
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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02/05/2020
Corporate news
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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02/05/2020
Corporate news
COFACE SA announces that it has signed an agreement with the Norwegian ministry of Trade, Industry and Fisheries regarding the acquisition of GIEK Kredittforsikring.
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12/18/2019
Country risk and economic studies
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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12/18/2019
Country risk and economic studies
The global auto sector is facing several challenges including enhanced and stricter regulations against environmental risks in the context of a slowdown of the global economy. Car sales are on a downward trend, as uncertainty bites.
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11/19/2019
Corporate news, Product news
Coface launches its new portal for brokers, offering a new experience to its partners in the development of their business around the world.
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10/29/2019
Country risk and economic studies
85% of companies report payment delays in 2019. This is an increase from 2017 by 7 percentage points. According to Coface's 2019 Germany payment survey of 442 companies in, the country is in a phase of change. The pressure on companies from international competition is increasing.
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10/24/2019
Country risk and economic studies
Recession or slight decline, CRAFT provides the keys to the slowdown in the major economies of the Eurozone.
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10/23/2019
Corporate news
Coface announces today the appointment of Chrisna Sudarma as Indonesia & Philippines Country Manager effective 2 October 2019. Based in Jakarta, Chrisna will report directly to Bhupesh Gupta, CEO of Coface for Asia Pacific
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10/22/2019
Country risk and economic studies
Central to the current trade tensions, notably between the USA and China, the global agri-food sector is impacted by knock on effects, notably via downward trends on the prices of key agri-food commodities, such as soybean. Coface has conducted an in-depth analysis of future trends in this market.
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10/21/2019
Country risk and economic studies
With business morale being affected by a summer marked by a multiplication of areas of political uncertainty around the world, it seems likely that 2020 will be a year of economic decline.
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09/25/2019
Country risk and economic studies
Rising protectionism in China and the United States, Brexit, contracting world trade... despite all the clouds on the horizon, the Dutch economy remains surprisingly bright.
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09/12/2019
Country risk and economic studies
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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07/18/2019
Corporate news
Coface announces today the appointment of Benoit Ganzmann as China Country Manager and Head of China Global Solutions effective 8 July. China Global Solutions is a new initiative to follow and service Chinese companies and their subsidiaries across the world.
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07/17/2019
Country risk and economic studies
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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07/16/2019
Country risk and economic studies
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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07/10/2019
Country risk and economic studies
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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06/21/2019
Country risk and economic studies
The natural gas market is booming and will increase in the medium term, but many factors point to a less promising future.
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05/30/2019
Country risk and economic studies
While the yellow vests movement did have a strong impact on corporate insolvencies at the beginning of the year, the decline in mobilization and the resilience of economic growth had a positive impact on the health of French companies in March and April.
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05/21/2019
Country risk and economic studies
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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05/15/2019
Country risk and economic studies
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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04/24/2019
Country risk and economic studies
Located on two branches of the New Silk Road (Belt and Road or B&R), Central Asia is both a trading partner and gateway for China and Europe; Russia’s long-standing influence in the region through expatriate transfers, its military bases, and culture is also of note. For the moment, China and Russia find reasons for rapprochement in their opposition to Western ideas and their fight against the spread of radical Islam. However, the balance of power could soon change as China is the largest provider of funding for corridor development in the region.
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04/24/2019
Country risk and economic studies
Signs of a slowing global economy continue to accumulate - 2019: the number of insolvencies will increase in two-thirds of countries (+3% in Western Europe) - The chemical industry in Europe and North America is suffering from fewer opportunities in the automotive sector - Improvements in assessments are concentrated in the Middle East, including Saudi Arabia's upgrade (B)
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04/24/2019
Corporate news
Net income at €36.4m and RoATE at 9.0%, supported by full impact of Fit to Win plan, portfolio growth and sound underwriting management
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04/09/2019
Country risk and economic studies
When Narendra Modi ran for Prime Minister in 2014, he pledged to boost the competitiveness of India’s industrial sector to promote growth. Modi will be running for president again in India’s general elections between 11 April and 19 May (...)
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04/03/2019
Country risk and economic studies
2019 will be marked by high volatility in the global oil market - Brent crude oil price to average USD 65 in 2019, according to Coface estimates - In Mexico, the financial stress already faced by Pemex might not be contained - Brazil oil policy is expected to have positive knock-on effect in the medium term
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04/03/2019
Corporate news
The 2018 Registration Document includes the following information: The 2018 Annual financial report; The Report on corporate governance (attached to the management report); The Statutory Auditors’ reports and the news release concerning their fees; The description of the share buyback program; The draft resolutions submitted to the vote of the Combined Shareholders’ Meeting of May 16th 2019; The Non-Financial Performance Statement.
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03/27/2019
Corporate news
Local companies set to benefit from Coface’s expertise in risk prevention and payment protection.
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03/20/2019
Corporate news
Coface announces today the following changes in the country leadership in Australia and Singapore.
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03/14/2019
Country risk and economic studies
2018 proved to be a relatively challenging year for China. Growth slowed to 6.6% and is expected to decline further in 2019 (6.2%, according to Coface forecasts). As a result, 59% of the 1500 Chinese companies that participated in Coface’s survey believe the economy will not improve in 2019, the worst since 2003 (...)
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02/28/2019
Country risk and economic studies
Stagflation becoming a reality, exports are a key-source of revenues for economy, especially in the automotive sector. Exporters are flexible; government support is vital for exporters to gain new market shares
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02/18/2019
Country risk and economic studies
An increasing number of pitfalls, such as escalating political risk, the high volatility of commodity prices, and supply constraints, began to slow world growth in late 2018 and cast a shadow over the outlook for 2019 (3 % in 2019, after 3.2 % in 2018 and 2017).
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02/11/2019
Corporate news
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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12/20/2018
Country risk and economic studies
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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12/06/2018
Country risk and economic studies
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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11/22/2018
Country risk and economic studies
When considering risk in the Chinese economy, a lot of the discussion has focused on large State-Owned Enterprises (SOEs) or large private conglomerates (...)
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11/12/2018
Country risk and economic studies
Alongside other renewables, wind energy has experienced a strong growth since the mid-2000s across the world (...)
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10/29/2018
Country risk and economic studies
In the last three decades, the UAE has developed into the second largest and most diversified economy in GCC area through the implementation of specific policy frameworks regarding regulations (...)
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10/24/2018
Corporate news
Coface reports a solid performance confirming the relevance of its strategy and launches additional €15m share buyback programme
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10/19/2018
Country risk and economic studies
Increased protectionism is affecting a large number of economies – both advanced and emerging (...)
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10/18/2018
Country risk and economic studies
Higher oil prices and continued capital outflows from emerging markets mark the third quarter of 2018 (...)
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10/10/2018
Corporate news
Global credit insurer to make risk indicators available to a network of 1.5 million businesses in 190 countries.
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10/08/2018
Country risk and economic studies
Despite economic acceleration in the region, insolvencies increased by +6.4% in 2017 (...)
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09/18/2018
Country risk and economic studies
According to Coface’s Political Risk Index, Asia scored 45% on the latest risk ranking, above the world average of 35% (...)
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08/29/2018
Corporate news
Fitch Ratings affirmed, on August 29th 2018, Coface AA- Insurer Financial Strength (IFS) rating. The outlook remains stable.
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08/20/2018
Country risk and economic studies
Multiple signs of an economic recovery in Greece. Reforms have helped to clean up public accounts, restore Greece's credibility and strengthen confidence.
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07/25/2018
Corporate news
Net profit of €62.8m and RoATE1 at 7.8%
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06/29/2018
Country risk and economic studies
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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06/28/2018
Corporate news, Corporate news
Coface France has been recognised as industry leader with the Best Credit Insurance brand France 2018 Award by Global Brands Magazine (...)
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06/27/2018
Country risk and economic studies
Downgraded assessments in the majority this quarter
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06/27/2018
Corporate news
Coface announces today that it has ceded to Factofrance (Groupe Crédit Mutuel – CM11) its 36% stake in the capital of Cofacrédit, a factoring company previously jointly owned by the two groups.
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06/06/2018
Country risk and economic studies
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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05/28/2018
Country risk and economic studies
The Coface Political Risk Index takes into consideration various risk aspects: (...)
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05/14/2018
Country risk and economic studies
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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04/25/2018
Country risk and economic studies
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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04/24/2018
Corporate news
Net income of €35.5m and RoATE(1) at 8.8%; Fit to Win execution drives profitability in a supportive economic environment
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04/17/2018
Corporate news
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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04/10/2018
Country risk and economic studies
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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03/29/2018
Country risk and economic studies
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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03/15/2018
Country risk and economic studies
The beginning of the year marked a clear improvement in key business insolvency indicators (...)
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03/14/2018
Country risk and economic studies
According to Coface, China and Japan are becoming competitors for trade and investment in the Asia Pacific region (...)
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03/08/2018
Country risk and economic studies
Mexico’s automotive industry plays an important role in its economy (...)
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03/08/2018
Corporate news
The International Women's Day is an opportunity to review the numerous projects carried out within the framework of the Women to Win dedicated to women's leadership, networking and knowledge and experience- sharing (...)
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02/12/2018
Corporate news
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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01/31/2018
Country risk and economic studies
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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12/22/2017
Country risk and economic studies
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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12/14/2017
Country risk and economic studies
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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11/28/2017
Country risk and economic studies
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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11/27/2017
Country risk and economic studies
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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11/22/2017
Country risk and economic studies
After an exceptional peak in production of vehicles recorded in mid-2016 (1.02 million unit sales, up 8.5% for the January-August period compared to the same period in 2015), 2017 saw a drop in production of nearly 2% (...)
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11/13/2017
Country risk and economic studies
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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10/25/2017
Corporate news
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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09/29/2017
Country risk and economic studies
World economic growth might not yet be at its highest (2.9% in 2017 and 2018), but there can be no denying that there are healthy signs.
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09/29/2017
Country risk and economic studies
Corporate bond financing: an advantage in times of crisis?
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09/14/2017
Country risk and economic studies
Weak development of infrastructure in the region. Poor record in improving investment rates
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09/12/2017
Country risk and economic studies
2016 – a mixed year for CEE. The labour market boomed, while turnover and net profit of the largest companies decreased by -0.6% and -3.1% / CEE Top 500 companies increased their workforces in 2016. Lower regional unemployment rates / Poland (+3.3% in turnover) remains the biggest player, followed by Hungary (-11.5%) and the Czech Republic (-2.2%) / Sectors: automotive industry up (+8.6% in turnover), oil & gas sector down (-5.6%)
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09/12/2017
Country risk and economic studies
Company insolvencies dropped by 14% in 2015 and 6% in 2016
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09/08/2017
Corporate news
Fitch Ratings affirmed, on September 8th 2017, Coface AA- Insurer Financial Strength (IFS) rating. The outlook is stable.
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09/04/2017
Corporate news
Coface announces the appointment of Samuel Jesuratnam as Country Manager of Coface in Singapore effective from 1 September.
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09/04/2017
Corporate news
Coface announces the appointment of Bhavesh Patel as Country Manager of Coface in India effective from 1 September. Bhavesh succeeds Samuel Jesuratnam who has been appointed as Country Manager of Coface in Singapore.
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08/02/2017
Country risk and economic studies
Political developments in the US have caused uncertainties over the trade policies that could be implemented and the region’s vulnerability to tighter financial conditions (...)
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07/28/2017
Corporate news
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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07/27/2017
Corporate news
Isabelle Laforgue and Nathalie Lomon join COFACE SA’s Board of Directors
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07/24/2017
Country risk and economic studies
The stagnation of low oil prices is weighing on liquidity conditions across Gulf Cooperation Council (GCC) countries. This is slowing down government fiscal revenues (...)
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07/10/2017
Country risk and economic studies
Coface’s latest annual payment survey covered 2,795 corporates in the Asia Pacific region, focusing on 8 markets: Australia, China, Hong Kong, India, Japan, Singapore, Taiwan and Thailand. The survey also traced the evolution of corporate payments in 11 sectors (...)
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07/05/2017
Country risk and economic studies
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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07/04/2017
Country risk and economic studies
12 Major sectors assessed worldwide
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06/08/2017
Country risk and economic studies
Businesses have proven their resilience since the referendum, but a downturn in investments is starting to be seen.
The fall in growth (1.4% in 2017 and 1.2% in 2018) will lead to a rise in the number of business failures, of 8.7%1 and 8%1 respectively
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06/08/2017
Country risk and economic studies
Mixed resilience, first signs of Brexit during the exit negociations phase but still some positive points...
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06/02/2017
Country risk and economic studies
The diversification of the Russian economy, made necessary by a slump in oil prices that is set to last, is coming up against structural constraints that may well have a deleterious effect on its mid-term growth.
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06/01/2017
Corporate news
Coface has appointed Carlos Casanova as the Economist for the Asia Pacific Region effective from 15 May. Carlos is based in Hong Kong. The appointment underscores Coface’s local expertise on macroeconomic research and trade risks.
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05/24/2017
Corporate news, Product news
Coface’s new customer portal and fully revamped CofaNet online credit insurance contract management tool are being launched today. With the new solutions, customers will benefit from innovative features, unique access, customised content, advanced ergonomics, real time results displays and easier contacts.
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05/17/2017
Country risk and economic studies
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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05/05/2017
Country risk and economic studies
Developments in Central and Eastern Europe (CEE) labour markets have been beneficial for households. Rising wages and low inflation, combined with improving consumer confidence, have led to lower unemployment rates and an increase in private consumption.
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05/02/2017
Corporate news
One of the priorities of Coface’s three-year strategic plan Fit-to-Win is to enhance Client Service.
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04/26/2017
Corporate news
Net income at €7.3m driven by an improvement in net loss ratio. Fit to Win progressing as planned.
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04/06/2017
Country risk and economic studies
The widespread rise in the political risk conceals mixed regional dynamics
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03/31/2017
Country risk and economic studies
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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03/29/2017
Country risk and economic studies
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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03/21/2017
Country risk and economic studies
Conflicts grew by +100% between 2007 and 2015. 2017 likely to pay a heavy price, due to intensification of armed conflicts
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03/21/2017
Country risk and economic studies
12 major sectors assessed worldwide
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03/15/2017
Country risk and economic studies
The potential depreciation of the renminbi (RMB), along with the implementation of capital flow measures, are longstanding concerns for China.
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02/08/2017
Corporate news
“The second half of 2016 marks the beginning of the transformation of Coface. We delivered a net profit of €41.5m in the year, successfully closed the transfer of our French State export guarantees activity, and launched our 3-year strategic plan, Fit to Win, the (...)
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02/07/2017
Country risk and economic studies
Payment experience affected by the bleak economic scenario.
75% of interviewed companies received payment extensions requests from their clients;
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02/03/2017
Corporate news
As part of the implementation of the three-year strategic Fit-to-Win plan, aimed at positioning Coface as the most agile global credit insurer on the market, changes are to be made to the Group's Executive Committee, effective from 3 April 2017.
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01/26/2017
Country risk and economic studies
Despite the recent economic upturn, uncertainties will continue to dominate the global economic climate this year.
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01/23/2017
Country risk and economic studies
Four major risks for 2017 but some positives points...
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01/20/2017
Country risk and economic studies
Coface’s payment survey confirms that sales on credit are being extensively used by Polish companies. Although credit periods have become common practice, it does not mean that receivables are being paid on time.
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01/02/2017
Corporate news
In line with previous communication, Coface has ceded its State export guarantees activity to the French public investment bank, Bpifrance.
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12/23/2016
Country risk and economic studies
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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12/23/2016
Country risk and economic studies
Concerns over the country’s economic performance have been amplifying, due to its prolonged economic decline since 2011 (...)
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12/16/2016
Country risk and economic studies
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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12/05/2016
Corporate news
Reinforcing its commitment to continue to be the leading credit insurance provider of Thailand, Coface is appointing Thiti Musuwan as Country Manager of Coface in Thailand effective from 1 December. Thiti will manage the operations and develop Coface’s credit insurance and credit management services in Thailand.
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12/02/2016
Country risk and economic studies
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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12/02/2016
Country risk and economic studies
The signs for Germany’s further economic development are promising, with a high level of stability. Coface’s expectations for solid growth therefore come as little surprise.
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11/25/2016
Corporate news
As Coface positions its business in the Asia Pacific Region for growth we need to ensure that we are driving global and regional collaboration to deliver our global product and sector expertise to provide smart solutions for our customers, as well as to ensure acceptable and smart risk management. In order to do this, we are strengthening and upgrading our coverage in the important segments consisting of solutions for financial institutions, single risk transactions and structured finance.
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11/15/2016
Country risk and economic studies
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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11/08/2016
Corporate news
Since the launch of Abenomics in early 2013, the Bank of Japan (BOJ) has been aggressively easing its monetary policy, commonly known as “the first arrow of Abenomics”. These measures have included the introduction of “Quantitative and Qualitative Monetary Easing (QQE)” in April 2013, the modified “QQE with a Negative Interest Rate” in January 2016 and the most recently announced “QQE with Yield Curve Control”, in September 2016. Just over 3.5 years since its launch, the impact of the first arrow has become less effective, particularly on Japan’s exports and the yen.
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11/03/2016
Corporate news
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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11/02/2016
Corporate news
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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11/02/2016
Corporate news
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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10/24/2016
Country risk and economic studies
Global growth: stability in developed countries, slight improvements among emerging economies..
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10/17/2016
Country risk and economic studies
European political calendar: crucial deadlines
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10/17/2016
Country risk and economic studies
Periods of economic crisis naturally lead to heightened political uncertainty and this aspect is crucial in assessing country risks
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10/09/2016
Country risk and economic studies
Foreign trade is unlikely to be a main contributor to the growth of Latin American economies over the next few years..
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09/30/2016
Corporate news
Fitch Ratings issued, on September 29th 2016, a press release on Coface in which the agency affirms the Group’s Insurer Financial Strength (IFS) rating at 'AA-', Outlook Stable.
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09/29/2016
Country risk and economic studies
Q2 impacted by external shocks
2016 growth forecasts remain positive at 1.6%
Non-financial corporate debt: an upward momentum unique in Europe but far below alert thresholds
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09/26/2016
Corporate news
Coface is awarded ‘Best trade credit insurer in Asia Pacific’ in 2016 by GTR, marking the second time the firm has won this award. GTR is the world’s leading news source, publisher and event organiser for the global trade, commodity, export and supply chain finance industries, with offices in London, Hong Kong and Singapore.
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09/22/2016
Country risk and economic studies
The automotive sector has been upgraded to the best risk category; Private buyers are returning to the car market, driving up sales of new vehicles, which are expected to increase by 5.6% in 2016 (..)
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09/22/2016
Country risk and economic studies
Morocco’s growth rate has slowed in 2016, after recording an increase of close to 4.5% in 2015.
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09/22/2016
Country risk and economic studies
Poland’s economy is slowing this year, although the growth rate will remain fair: 3.2% for 2016, following 3.6% in 2015
Business is benefiting from positive macroeconomic conditions
Insolvencies and restructuration proceedings fell by over 14%. Coface forecasts further improvements, with the number of proceedings falling in 2016 and 2017
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09/22/2016
Corporate news
Fit to Win 3-year plan financial ambitions
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09/12/2016
Country risk and economic studies
Several favourable factors are boosting the sector, including rising populations, increasing demand for processed food, higher per capita incomes and improved production capacities. Infrastructures, climate and government strategies are major influencers.
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09/07/2016
Country risk and economic studies
Despite strong private and public investments, health indicators in the United States are below average compared to the 12 most advanced countries
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08/30/2016
Country risk and economic studies
Despite the solidity of Germany’s economy, payment delays are still commonplace
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08/30/2016
Country risk and economic studies
Of all the industrialised nations, the USA has the highestn expenditure for public healthcare but poor results
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08/16/2016
Corporate news
Coface won big at the Asian Banking and Finance (ABF) Insurance Asia Awards 2016, receiving double awards with the Regional Award “Asian Credit Insurer of the Year” & Country Award “Digital Insurance Initiative of the Year – Singapore”.
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08/09/2016
Country risk and economic studies
China’s economy grew by 6.9% in 2015, the slowest expansion pace in 25 years. Growth should continue to slow in 2016 and 2017, and will probably undershoot the government’s average annual growth target of 6.5% - as set out in the 13th five-year plan for 2016-2020.
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08/02/2016
Corporate news
In line with its Asian growth strategy, Coface is appointing Hugh Burke as Chief Commercial Officer of the Asia Pacific Region. He will take up his new role in October 2016.
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07/27/2016
Corporate news
Strategic plan Fit to Win designed to transform Coface into the most agile global trade credit partner in the industry
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07/19/2016
Country risk and economic studies
Sector risks are still increasing in emerging markets
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07/18/2016
Country risk and economic studies
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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07/15/2016
Country risk and economic studies
The number of insolvencies decreased over the course of 2015 in 9 out of 13 countries, while the GDP-weighted regional insolvency average was -14%.
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07/14/2016
Country risk and economic studies
High level of diversification does not make the UAE totally immune from the energy prices fall, retail and tourism challenged (..)
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07/08/2016
Country risk and economic studies
Economic outlook of the two finalists: how countries have beat the competition
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07/07/2016
Country risk and economic studies
Forecast world growth for 2016 down by 0.2 points to 2.5%. The average level of global risk corresponds to B, « significant risk ». Increasing numbers of emerging markets included in the "extreme" and "very high" risk categories. Three leading world economies become fragile. China penalises activity in several Asian countries. Europe facing positive dynamics, but political risk driven by the Brexit must be monitored (..)
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07/06/2016
Corporate news
Thierry Croiset, 56, will join credit insurer Coface as Group Risk Director as of 11 July 2016, reporting directly to Carine Pichon, Chief Finance & Risk Officer.
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07/05/2016
Country risk and economic studies
Heavily impacted by the Chinese slowdown and the fall in commodity prices, sub-Saharan Africa posted its lowest level of growth since 2008. 15 countries, including several that have been severely impacted by cri-ses, show significant potential in terms of consumer spending. Two sectors offer medium-term opportunities: retail and ICT (..)
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06/29/2016
Country risk and economic studies
15 countries identified as having high potential consumer markets
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06/28/2016
Country risk and economic studies
Europe’s improved macroeconomic situation has had favorable effects on businesses in most European countries and led to fewer insolvencies in 2015 in the four Northern (..)
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06/14/2016
Corporate news
Thibault Surer, 54, joins credit insurer Coface as Strategy and Business Development Director of the Group. The department he will head up covers Strategy, Business Development, Marketing & Innovation. Thibault becomes also a member of the Group Management and Executive Committees.
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06/06/2016
Country risk and economic studies
Country risk assessments of qualified countries: their current form
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06/03/2016
Corporate news
In line with its Asian growth strategy, Coface is appointing a seasoned financial services professional, Bhupesh Gupta, to run its Asia Pacific operations.
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06/02/2016
Country risk and economic studies
A number of positive indicators for the French economy appeared between January and April 2016.
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05/31/2016
Country risk and economic studies
Coface’s annual survey on Asia-Pacific economies questioned 2,793 companies in 8 markets: Australia, China, Hong Kong, India, Japan, Singapore, Taiwan and Thailand. The survey traced the evolution of corporate payments in 11 sectors of activity. 85% of companies offered sales on credit terms to their customers, as a solution to tackling their problems of liquidity (..)
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05/23/2016
Corporate news
Fitch Ratings issued today, May 20th 2016, a press release on Coface in which the agency affirms the Group’s Insurer Financial Strength (IFS) rating at 'AA-', Outlook Stable.
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05/19/2016
Country risk and economic studies
Brazil is in the midst of a perfect storm. The enduring political crisis and deep economic recession, which led to the collapse of confidence indexes, have now been topped by an impeachment trial of President Dilma Rousseff (..)
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05/12/2016
Country risk and economic studies
Hungary is performing well, considering the context of struggling economies globally.
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05/04/2016
Corporate news
This has been a tough first quarter. Business turnover and profits were lower compared to the same period last year, against the backdrop of a polarized and volatile economic environment.
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04/25/2016
Country risk and economic studies
Following a long period of increasing demand, driven by China in the 2000s, steel is suffering from weak growth in the global economy (...)
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04/21/2016
Country risk and economic studies
Global growth at half-mast (2.7% projected by Coface for 2016), under the impact of the highly volatility financial markets and continuing low oil prices, is compromising the health of industries analysed by Coface (...)
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04/13/2016
Country risk and economic studies
Metals industries, the world's riskiest sector. Over-capacities remain. Outlook: return to normal for 2018.
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04/05/2016
Country risk and economic studies
Although the current crisis in emerging countries is surprising in its intensity, with their growth cut in half in five years and increased exposure (...)
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03/31/2016
Country risk and economic studies
The global economy is turning "Japanese": world growth remains low, despite ultra-expansionist monetary policies (...)
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03/24/2016
Country risk and economic studies
Consult coface new infographics
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03/16/2016
Country risk and economic studies
Slower growth, rising non-performing loans, RMB and stock market volatility are all concerns for China in 2016 (...)
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03/09/2016
Country risk and economic studies
The greater export risks faced by German companies are hampering growth performance. As Germany has strong trading ties with the Emerging Market and Developing Economies group (EMs), it is highly exposed to the (...)
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03/03/2016
Country risk and economic studies
On 3rd March 2016, Coface, a worldwide leader in credit insurance, signed a Memorandum of Understanding with Sinochem International Corporation in Shanghai, China. Coface Group CEO, Mr. Xavier Durand reiterated the support for Chinese companies development locally and globally. (...)
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02/24/2016
Country risk and economic studies
China, on its way to becoming an important financial player for economies with restricted access to international markets, has announced its intention to increase its (...)
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02/22/2016
Country risk and economic studies
Lessons learned 2015, hope in 2016: situation of companies returning to normal
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02/09/2016
Corporate news
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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01/28/2016
Country risk and economic studies
To be monitored: cheap oil, financial market volatility and the Chinese slowdown in advances countries and growing debt of companies in emerging countries
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01/28/2016
Country risk and economic studies
160 countries under the magnifying glass
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01/22/2016
Corporate news
Graham Crozier is appointed Chief Executive of Coface Branch in Australia, effective from 1st February 2016. He will oversee the business development and the operations of Coface‘s trade credit insurance and services activities in Oceania.
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01/15/2016
Corporate news
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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12/15/2015
Country risk and economic studies
French and Italian producers are not suffering from the new world competition on low and mid-level products while Spain is more vulnerable
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12/14/2015
Country risk and economic studies
Marked by the commidities price fall and the slowdown in sales, 2015 requires a greater control over risks
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12/09/2015
Country risk and economic studies
Europe's double positioning and Asia, the world's futur landing consumer
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12/09/2015
Country risk and economic studies
The temperature of 14 sectors in 3 of the world’s major regions
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12/02/2015
Country risk and economic studies
Following a long period of stagnation, construction in Europe is showing signs of recovery. In France it is the only sector, out of the fourteen studied by Coface, to be rated as very high risk (...)
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12/02/2015
Country risk and economic studies
Coface economists estimate a growth of 1.1% for 2015 and 1.4% for 2016. Company insolvencies are down, although the level remains high (...)
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11/20/2015
Country risk and economic studies
Coface forecasts growth of 4.4% for 2015/2016
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11/18/2015
Country risk and economic studies
Although worldwide growth continues to recover, its rate will not exceed 3% for the fourth year in a row (2.6% in 2015). The advanced economies are doing much better: Activity in the USA rose significantly in the 2nd quarter (2.5% forecast for 2015), thanks to both consumer spending and investment, and in the Eurozone (1.5%) the gradual upturn in activity continues.
Growth in China is unlikely to exceed 6.7% in 2015 and 6.2% in 2016, compared with 13.4% over the period 2006-2007. This is mainly a result of the technological and capital catch-up process running out of steam: several industries are suffering from overcapacity and corporate indebtedness is high, thus impacting investment. According to Coface, the country risk in the emerging countries will remain a major point of vigilance this year (...)
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11/09/2015
Country risk and economic studies
Brazil, downgraded to B (significant risk of businesses defaulting) by Coface in September, has been facing a scenario of economic juggling (...)
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11/02/2015
Corporate news
Coface once again posts an increase in turnover this quarter. In spite of a difficult economic climate in certain emerging markets, we have managed our loss ratio well by applying our expertise in risk management. In doing so, we are pursuing our path of profitable growth while protecting and supporting that of our clients.
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10/27/2015
Country risk and economic studies
Despite the strong domination of Chinese companies and overcapacity in Europe, the European market remains promising in the medium term.
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10/27/2015
Country risk and economic studies
Discover our new Infographics focus on the future of the solar energy in Europe
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10/26/2015
Country risk and economic studies
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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10/26/2015
Country risk and economic studies
Discover our sector risk infographics on the temperature of 14 sectors activity in the world
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10/19/2015
Country risk and economic studies
Poland’s increased economic activity has already reached the levels required to stabilise the number of company insolvencies.
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10/06/2015
Corporate news
Coface is awarded ‘Best trade credit insurer in Asia Pacific’ by GTR. GTR is the world’s leading news source, publisher and event organiser for the global trade, commodity, export and supply chain finance industries, with offices in London, Hong Kong and Singapore.
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09/29/2015
Country risk and economic studies
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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09/23/2015
Country risk and economic studies
Large and small emerging countries are experiencing strong turbulence (...)
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09/22/2015
Country risk and economic studies
China is trying to find a way to achieve healthier, more sustainable growth, but this is not completely painless for its economy – or for those of its neighbours. According to Coface estimates, growth is unlikely to exceed 6.7% in 2015 and 6.2% in 2016, compared with 13.4% over the period 2006-2007. This is mainly a result of the technological and capital catch-up process running out of steam: several industries are suffering from overcapacity and corporate indebtedness is high, thus impacting investment. (...)
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09/22/2015
Country risk and economic studies
We are witnessing a shift in the Chinese economic model. Which Asian countries will be the first victims if there is a hard landing? And which will enjoy the greatest immunity?
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09/21/2015
Country risk and economic studies
Growth in Latin America has been slowing down since 2011. This lacklustre situation, caused by weak domestic fundamentals, has been exacerbated by cyclical factors experienced since the second half of 2014. In 2015 we have ob-served a further deterioration of this (...)
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09/18/2015
Country risk and economic studies
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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09/14/2015
Country risk and economic studies
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 (...)
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09/06/2015
Country risk and economic studies
Infographics : Insolvencies in Western Europe: A downward cycle has started - The economic recovery in the euro zone supports this trend - September 2015
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09/01/2015
Corporate news
Yoshihiro Suchi has been appointed as Country Manager of Coface in Japan effective from 28 September 2015. Based in Tokyo, Yoshihiro will oversee the business development and the operations of Coface’s trade credit insurance and services activities in Japan.
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08/03/2015
Corporate news
Andrew Ross has been appointed as Senior Vice President, Regional Head of Coface Global Solutions in Asia Pacific effective from 1 August 2015.
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07/29/2015
Corporate news
Since the end of last year, at the occasion of our periodic results publications, we have noted weaknesses affecting the macro-economic environment. The first half of this year confirms this trend, and it was marked by an increase in the frequency of claims, in particular in emerging markets. Given this context, we are publishing good quality half-year results. The Group thus confirms the robustness of its business model: product innovation and multi-channel distribution, while controlling risks and costs.
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07/22/2015
Country risk and economic studies
The CEE region has become an attractive destination for investments by global car manufacturers. In 2014, 3.6 million vehicles were produced in Eastern Europe, equating to 21% of total EU production (...)
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07/17/2015
Country risk and economic studies
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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06/29/2015
Country risk and economic studies
Although growth was accelerated by the high prices of commodities on which sub-Saharan Africa is highly dependent, the region must now deal with the effects of falling oil prices. The 45 countries screened by Coface are affected to different degrees.
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06/29/2015
Corporate news
Coface appoints Thomas Yong as Executive Vice President, Chief Commercial Officer for Asia Pacific Region with effective 29 June 2015.
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06/29/2015
Corporate news
Coface appoints Victoria Ma as Executive Vice President, Chief Risk Underwriting Officer, Asia Pacific and
Xavier Farcot as Executive Vice President, Regional Risk Underwriting Director of Coface Global Solutions, Asia Pacific
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06/25/2015
Country risk and economic studies
Discover in this new infographic which country risk assessments are upgraded or downgraded by Coface.
In addition: Focus on Sub-Saharan economies - Is the risk of bad economic weather high?
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06/25/2015
Country risk and economic studies
Downgrade for China. Economies affected by the fall in oil prices placed on negative watch.
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06/22/2015
Country risk and economic studies
A Coface Panorama on Turkey forecasts a growth rate of 3.5% this year, still solid but below the potential growth rate estimated at 5% and lower than similar economies
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06/17/2015
Country risk and economic studies
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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Aimed at the evolving credit insurance needs of mid-market companies, Coface has modernised its flagship policy, renamed TradeLiner. The move follows on from the experience Coface gained through its first global non-payment protection offer introduced fifteen years ago and is based on its desire to work harder to help protect mid-sized companies operating in the real economy.
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06/08/2015
Country risk and economic studies
CEE’s improved economic activity in 2014 resulted in the stabilisation of company insolvencies, with a minor drop of -0.5% in the regional average.
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06/01/2015
Country risk and economic studies
The favourable swing first seen in 2014 continues. The immediate rise in business insolvencies in the first four months was partly due to a catching up after the artificially low year-end data, because of the industrial action within the court system, which has however resurfaced in May.
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06/01/2015
Country risk and economic studies
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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06/01/2015
Country risk and economic studies
The dairy market
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05/05/2015
Corporate news
We begin 2015 with robust results: the Group’s growth and profitability are satisfactory and demonstrate the steadfastness with which the Group is implementing its strategy in a still mixed economic environment.
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04/28/2015
Country risk and economic studies
Coface’s annual survey on Asia-Pacific region questioned 2,695 companies in 8 economies. 70% of the companies surveyed experienced overdues in 2014 - the highest level in 3 years. In addition, 37% of the respondents reported that overdue amounts increased in 2014, up by 2% since the previous year.
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04/23/2015
Country risk and economic studies
The bail-out for the US automotive industry, at a cost of 80 billion dollars and large-scale layoffs, traumatised the United States. Its automobile manufacturers are now rebuilding their competitiveness and benefiting from the upturn in US economic growth (forecast at 2.9% in 2015). The industry has picked up and demand is being driven partly by easier access to credit, but at what price? In 2015 , Coface’s model predicts an increase in sales of 3.8% a sustained level of growth, but well below the level recorded in recent years.
The automotive sector needs to continue to look towards the future and the changes required to meet the new challenges ahead.
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04/23/2015
Country risk and economic studies
The recent drop in the price of oil has had knock-on effects for company credit risk around the world. Among the 14 sectors analysed, Coface has identified one big winner and one big loser, with the corresponding assessments revised upwards or downwards.
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04/15/2015
Country risk and economic studies
Discover the new Coface infographics (April 2015)
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04/01/2015
Country risk and economic studies
Coface upgrades country risk assessments of two European economies and places Brazil under negative watch
Business environment in Russia downgraded to C
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04/01/2015
Country risk and economic studies
More than three years after the official recovery, advanced economies are struggling to return to a path of sustained growth. Some are even forecasting stagnant growth, a situation sometimes seen as irreversible. 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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03/19/2015
Corporate news
Local companies to benefit from Coface’s expertise in prevention and credit risk protection in addition to collection and information services.
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03/04/2015
Country risk and economic studies
A new Coface survey on corporate credit risk management in China reveals that 8 out of 10 corporates experienced overdue payments in 2014. Coface, a leading global credit insurance group, forecasts that GDP growth will slow down to 7% in 2015 (vs 7.4% in 2014). As corporates are still facing the challenges of high leverage, the high cost of financing and low profitability (driven by overcapacity), it is expected that non-payments will not improve in the short term.
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03/04/2015
Country risk and economic studies
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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02/18/2015
Corporate news
We are pleased to publish full-year results in line with our expectations. Our innovative product offering, appropriate distribution channels, extensive international presence and prudent risk management have all contributed to the significant improvement in our results.
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01/28/2015
Country risk and economic studies
The global economy is on the path of gradual recovery. Less vigorous than before the 2008 crisis, global growth continues to follow a moderately accelerating trend.
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01/27/2015
Country risk and economic studies
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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01/27/2015
Country risk and economic studies
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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01/26/2015
Country risk and economic studies
Three decades ago, Latin America was associated with negative terms such as ‘dictatorship’, ‘debt crises’ and ‘high inflation’. Over the years, the region has begun to be associated with economic growth, the new middle class, poverty reduction and controlled inflation.
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12/23/2014
Country risk and economic studies
The number of company insolvencies over the past 12 months stood at 63,002 companies at the end of October. Coface registered a 0.9% fall over the year.
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12/23/2014
Country risk and economic studies
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, without going to the extremes of the deep depression of the 1930s in the United States and a number of European countries, could experience a lengthy period of price and growth stagnation, such as happened in Japan between 1990 and 2010? And if so, what would it mean for the French economy and its companies?
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12/17/2014
Corporate news
Coface is awarded ‘Best Provider of Trade Credit Insurance’ by CFO Innovation Asia, an online publication exclusively for top-level finance managers in the corporate sector in Asia and China, for the second time back to back.
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12/15/2014
Corporate news, Product news
Present in Morocco since 2007, Coface has now obtained its license for insurance and reinsurance activities from the regulatory authorities.
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11/26/2014
Country risk and economic studies
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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11/26/2014
Country risk and economic studies
North American chemicals, transport, textiles and clothing upgraded from "medium risk" to "low risk"
In North America, sector risk has improved due to the positive economic outlook and the drop in oil prices
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11/20/2014
Country risk and economic studies
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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11/12/2014
Corporate news
Happening once a year, Coface is holding 2014 edition Coface Country Risk Conference – In the Search of Growth Momentum in the morning of 12 November (Wednesday) at Asia Society Hong Kong Center (Admiralty).
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11/12/2014
Country risk and economic studies
Coface held its annual Country Risk Conference in Hong Kong today which attracted more than 300 people attended the event. Top economists and executives from renowned companies including ANZ, Crédit Agricole CIB, Hong Kong General Chamber of Commerce, ANTA Sports Products Ltd and Telos Capital & Risk Management Ltd gave their insights on economic developments in major countries around the globe and shared their views on business risk management at the conference.
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11/11/2014
Country risk and economic studies
Coface held its first Country Risk Conference in Taipei today which attracted more than 200 people attended the event. Top economists and executives from renowned companies including Fubon Financial, China Credit Information Service, Ltd. and Taiwan Academy of Banking gave their insights on economic developments in major countries around the globe and shared their views on business risk management at the conference.
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10/30/2014
Country risk and economic studies
A slow recovery but a recovery nonetheless in the Eurozone, political and financial instability in large emerging countries.
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10/29/2014
Corporate news
Coface’s performance is in line with objectives. At the end of these first nine months, the Group has posted satisfactory growth and solid profitability.
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10/03/2014
Country risk and economic studies
At a time when it appears vital to capture the growth potential in Asia, European airlines are stumbling due to aggressive competition from low cost operators and airlines from the Gulf. Currently, they are among the least profitable in the world. Faced with these new constraints, what changes are conceivable?
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09/25/2014
Country risk and economic studies
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. Significant contributions came from the agricultural and industrial sectors, in particular from car production supplying mainly foreign customers. Although Romania will not continue this pace of growth in 2014, the outlook remains positive.
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09/23/2014
Country risk and economic studies
Restructuring and bankruptcy remain increasingly used procedures.
Activity in Brazil remains lacklustre, inflation above targets and interest rates are amongst the highest in the world. Various indexes show that confidence in Brazil remains down, while the low investment ratio continues to deteriorate.
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09/22/2014
Country risk and economic studies
Nil growth recorded in the eurozone in Q2 2014 confirms the scenario of an exceptionally slow recovery. However, according to Coface's forecasts, in 2014 growth in GDP will be ...
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09/17/2014
Country risk and economic studies
Since the beginning of the year, the Chinese government has continued its effort to carry out various items on the reform agenda, particularly on fine-tuning the structure of the Chinese economy. As domestic demand remains subdued, property market continues to be sluggish and over-capacity in some sectors remains unsolved, it would be unlikely China will achieve the 7.5% growth target. Coface expects the GDP growth of China could reach 7.4% in 2014, given more policy support in sight.
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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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08/26/2014
Corporate news
In line with its pursuit of a dynamic growth strategy in Asia, Coface has appointed Hung Wong to run its Asia-Pacific operations and to the group’s Executive Committee.
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Coface has developed a tailored SME offering with two aims in mind: protection and accessibility. EasyLiner provides quality cover adapted to the needs of SMEs, as well as an easy subscription process, leaving businessmen free to concentrate on their core business.
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07/29/2014
Corporate news
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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07/29/2014
Corporate news
Turnover growth of +1.8% on a like-for-like basis
Customer retention rate increased to 92.3% and production of new contracts
up +14%
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07/28/2014
Corporate news
The Combined General Meeting of Shareholders of COFACE SA, which was held on 2 June 2014, appointed four new independent directors with effect from 1 July 2014, for a term of four year
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07/21/2014
Corporate news
In this new position, he also becomes a member of the Group Management Board and the Executive Committee.
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07/15/2014
Country risk and economic studies
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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06/27/2014
Corporate news
"During the IPO, we received a warm welcome from investors, who were particularly receptive to us, both in France and abroad. This makes us proud of the work of our teams around the world to build a solid group, which is profitable and has confirmed growth prospects[...]" Jean-Marc PILLU, Coface Chief Executive Officer
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06/25/2014
Country risk and economic studies
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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06/25/2014
Country risk and economic studies
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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06/24/2014
Country risk and economic studies
The first quarter of 2014 confirmed the acceleration in global growth: according to Coface's forecasts, after 2.6% in 2013, growth will be close to 3% in 2014 and 3.3% in 2015.
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05/27/2014
Country risk and economic studies
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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05/21/2014
Country risk and economic studies
- Slowing growth of China remains a concern in 2014 -
According to the survey of credit risks management in Asia Pacific by Coface, corporate payment experience in the region generally stabilised. Companies in Australia and China suffered more non-payment. The growth slowdown in China remains a concern for other economies in the region in 2014.
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05/07/2014
Corporate news
Coface is expanding its commercial organisation in Asia Pacific Region to better serve the multinational clients and bank and financial institutions.
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05/05/2014
Country risk and economic studies
Sector risk stabilising in North America and Europe but becoming a source of concern in emerging Asia.
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05/05/2014
Country risk and economic studies
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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04/29/2014
Country risk and economic studies
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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04/03/2014
Country risk and economic studies
The upturn in the advanced economies (1.9% forecast for 2014, after 1.2% in 2013) is reflected in the upwards revision of the country risk assessments for the United Kingdom and the United States, which join the best risk category.
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04/02/2014
Country risk and economic studies
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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03/04/2014
Corporate news
Good commercial dynamics and improvement in loss ratio
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02/27/2014
Country risk and economic studies
- More pressure on financing market / shadow banking in China in spite of stable growth in 2014 -
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02/13/2014
Corporate news
As a leading credit insurer in Latin America, the Group now operates directly in 9 of the region’s countries.
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01/23/2014
Country risk and economic studies
2014 is a year of divergence for the Chinese economy, representing the diverging trends of macro and micro environments.
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01/22/2014
Country risk and economic studies
After a post-crisis readjustment between advanced and emerging countries, in 2014 global country risks are set to change in line with a more classic model.
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01/06/2014
Country risk and economic studies
Positive changes in North America and Asia
Risks stabilise in Europe as the textile industry invests in innovation
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12/23/2013
Corporate news
Coface was voted ‘Best in Credit Insurance’ by CFO Innovation Asia, an online publication exclusively for top-level finance managers in the corporate sector in Asia and China.
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11/20/2013
Corporate news
The Third Plenary Session of the 18th CPCCC was held between November 9 and 12 in Beijing. Chinese leaders of the Xi-Li regime used the plenary session as the platform to channel their ideology and roadmap of structural reforms. Given the recent signals and evidence from the government, the current regime is likely to successfully take the reform effort forward.
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11/12/2013
Corporate news
After having slowed for three years in a row, global GDP growth is likely to pick up in 2014: we expect it to stand at 3.1% (versus 2.5% in 2013). The upward trend will be mainly driven by the recovery in the euro zone and higher growth in the United States.
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10/14/2013
Country risk and economic studies
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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10/14/2013
Country risk and economic studies
The growth potential in Asia remains high, driven by the middle class. Malaysia, South Korea, Singapore and Thailand: household debt similar to that of the United States at the time of the subprime crisis.
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10/02/2013
Country risk and economic studies
Coface downgrades its credit risk assessment in three business sectors: chemicals, pharmaceuticals and automotive.
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09/25/2013
Corporate news
The Group's economic research team is taking on a new international dimension by appointing economists in major regions around the world.
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A straightforward and didactic video to present, in less than three minutes, how Coface credit insurance can help you to prevent non-payment of invoices.
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07/16/2013
Country risk and economic studies
The archetypal emerging country, Brazil passed the test of the great crisis of 2009 with flying colours. Four years on, social protests have begun to highlight the failure of its growth model.
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07/01/2013
Corporate news
As of 1 July 2013, the first day of Croatia’s membership of the European Union, Coface simultaneously launches its credit insurance services in this country, to meet growing demand from companies.
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06/24/2013
Country risk and economic studies
Coface has noted an improvement in a number of advanced economies : Japan, Iceland, and Ireland. On the other hand, the contraction in activity, financial problems and above all growing political and social pressures are increasing risk in South Africa and Tunisia
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06/24/2013
Country risk and economic studies
The preponderance of fragile small companies and the sheer scale of late payment within the public sector.
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06/04/2013
Country risk and economic studies
Compared to Western Europe, defaults in Eastern Europe are accelerating at a very high rate.
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05/15/2013
Corporate news
- China enterprises are less optimistic on global and local economies recovery -
- Taiwan enterprises continuous demonstrate good credit management -
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04/22/2013
Corporate news
- Companies are less optimistic about recovery of global economy in 2013 -
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04/18/2013
Country risk and economic studies
Credit risks still high in Europe but the outlook is favourable in Emerging Asia and in North America.
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03/26/2013
Country risk and economic studies
Despite resilient growth, estimated at 5.1% in 2013, and improved sovereign and external fundamentals, emerging country risks have not disappeared altogether, but have changed form. Three major risks now weigh on emerging markets. Politically, tensions have sharpened, illustrated by protests in North Africa and the Middle East, and now also in Russia and India. Economically, we are seeing a rise in protectionist measures. Financially, excessive growth in bank loans to the private sector in a number of emerging economies is stoking fears of a credit bubble, in Asia in particular.
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03/06/2013
Corporate news
Coface has been supporting PT Adira Dinamika Asuransi (Adira) to offer trade credit insurance for Indonesian companies since 2008. In February 2013, Coface opened an official Representative Office in Jakarta to provide better support to Adira to promote trade credit management in Indonesia.
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01/28/2013
Country risk and economic studies
Based on its day-to-day contact with companies worldwide, Coface has issued a cautious scenario for the global economy in 2013. The recovery of advanced countries is still in hostage to public and private debt. Furthermore, household and corporate confidence has not been restored given the worsening situation of labour markets and the incomplete institutional reforms in Europe. The lack of visibility in U.S. budget policy may also impact American growth. Coface predicts a continued recession at -0.1% in the Eurozone with a persistent contraction in activity in Southern Europe. Growth in the USA will slow down to +1.5%, whilst emerging countries will post growth that is both healthy and sustainable at +5.2%.
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01/22/2013
Corporate news, Country risk and economic studies
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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01/21/2013
Corporate news
The reflect a successful strategic refocusing.
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