While the number of global trade credit insurance claims fell 26.5% in 2025, the aggregate value rose by nearly $38 million year-on-year to $438.5 million, underscoring the importance of robust underwriting and long-term capacity to support complex transactions, according to David Powell, Head of Technical Underwriting at the Lloyd’s Market Association.
The Lloyd’s Market Association, International Underwriting Association, and London & International Insurance Brokers’ Association published the results of their annual survey of global trade credit insurance claims, conducted by A2Z Risk Services.
The survey found that 136 claims were payable in 2025, down from 185 in 2024, while total claim values increased year-on-year.
Only three claims, representing just over 2% by number and around 3% by value, were paid after the contractual deadline, due to payment processing issues rather than coverage disputes. Additionally, a small number of claims were affected by ongoing sanctions-related clarifications, with insurers working to meet their regulatory obligations where required.
Africa remained the largest source of claims by volume, accounting for 63% of total claims. However, Europe accounted for the highest proportion by value, representing more than a third of total amounts paid. The Americas accounted for 13% of claims, while Asia represented 7%.
Findings showed that the public sector continued to see more claims than the private sector, with 65% coming from the public sector. However, with higher average claim values in the private sector, the total amounts paid were significantly higher: 67% to the private sector and 33% to the public sector.
David Powell, Head of Technical Underwriting at the Lloyd’s Market Association, said, “Trade credit insurance remains a vital enabler of global trade. While the number of claims fell in 2025, the increase in overall claim values underlines the importance of robust underwriting and long-term capacity to support complex transactions.
“The data also demonstrates the continued reliability of the market. Even where payments are delayed due to operational or regulatory complexity, insurers are working to ensure that valid claims are ultimately settled.”
Joe Shaw, Director of Claims at the International Underwriting Association, added, “Trade credit insurance supports economic growth by enabling exporters and lenders to extend credit with confidence and to access financing on better terms. The survey results once again show that the London market delivers dependable outcomes for policyholders across a wide range of geographies and sectors.”
Jacqueline Girow, Executive Director at the London & International Insurance Brokers’ Association, said, “For brokers and their clients, these findings reinforce the value of trade credit insurance as a practical risk management tool in an uncertain trading environment. While exposures are becoming larger and more complex, the survey shows that the market continues to respond consistently when claims arise, providing the certainty and reliability that people depend on.”
