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By Russell Group Limited

Dear ,

Fans of The Godfather will no doubt recall the scene where Michael Corleone confronts Moe Greene about buying out Moe's share of the Las Vegas Casino exclaiming, "my credit good enough to buy you out?"

Yet, few would recall the scene's link to credit insurance. For the scene points to the fragile nature of credit insurance, as it is based on the confidence between suppliers, customers, insurers and financiers. A precarious relationship that can become easily unravel in the face of events such as the bankruptcy of Toys R Us and the Mozambique debt scandal.
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The credit (re)insurance market has played an extremely important and positive role in helping to keep global trade ticking along during a fraught and volatile period post-2008. During an age of austerity, astonishing technological advancement, political and cultural division and social unrest, credit insurers have played their part keeping trade on an even keel. The forward-looking predictive capability of credit insurance has been invaluable and will continue to provide reassurance to corporates in what continues to be a challenging time for the global trade
environment.
If you are interested in learning more about Connected Risk or would like to discuss Connected Risk in more detail with Russell Group CEO, Suki Basi, then please contact mbasi@russell.co.uk or visit russell.co.uk/contactus.
Article
Analysis by The Financial Times of third-quarter profits of major insurers shows that 2017’s Natural Catastrophe (NatCat) events damaged their profits. For major insurers, Berkshire Hathaway, AIG, Swiss Re and Munich Re all suffered a combined loss of $35bn. Furthermore, Lloyd’s of London expects to pay out a total of $4.5bn. Overall, the estimated total cost from natural catastrophes in 2017 comes in at $110bn, a cost only surpassed by 2005 with Hurricane Katrina and 2011 with the earthquake in Christchurch, New Zealand and the earthquake and tsunami in Tōhoku, Japan.

Such losses are worrying insurers as they resurrect the worst-case scenario: what happens if insuring against natural disasters becomes unaffordable for households and companies? This is a scenario that can easily happen.

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Infographic


The global economy has been gambling on an era of cheap credit.

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Russell Group Limited, 34 Lime Street, London, EC3M 7AT, United Kingdom



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