David Powell, head of technical underwriting at Lloyd’s Market Association, said that while the number of global trade credit insurance claims fell by 26.5% in 2025, the total value increased by nearly $38 million year-on-year to $438.5 million, highlighting the importance of strong underwriting and long-term capabilities to support complex transactions.
Lloyd’s Market Association, the International Underwriting Association and the London Association of International Insurance Brokers have published the results of the annual survey of global trade credit insurance claims conducted by A2Z Risk Services.
The investigation found that there were 136 claims payable in 2025, down from 185 in 2024, while the total number of claims increased year-on-year.
Only three claims were paid after the contract deadline, just over 2% by volume and about 3% by value, due to payment processing issues rather than coverage disputes. In addition, a small number of claims are affected by ongoing sanctions-related clarifications and insurers are working as necessary to meet their regulatory obligations.
Africa remains the largest source of claims by volume, accounting for 63% of total claims. However, Europe has the highest share by value, accounting for more than a third of total payments. The Americas accounted for 13% of the total claims, and Asia accounted for 7%.
The findings show that the public sector continues to receive more claims than the private sector, with 65% coming from the public sector. However, as the average claim amount is higher in the private sector, the total amount paid is also significantly higher: 67% in the private sector and 33% in the public sector.
David Powell, head of technical underwriting at Lloyd’s Markets Association, said: “Trade credit insurance remains an important enabler of global trade. While the number of claims has declined in 2025, the increase in overall claim value highlights the importance of robust underwriting and the long-term ability to support complex transactions.”
“The data also demonstrates the continued reliability of the market. Even when payments are delayed due to operational or regulatory complexities, insurers are working hard to ensure valid claims are ultimately resolved.”
Joe Shaw, claims director at the International Underwriting Association, added: “Trade credit insurance enables exporters and lenders to extend credit with confidence and access finance on more favorable terms, supporting economic growth. The findings once again demonstrate that the London market delivers reliable results for policyholders across a range of regions and industries.”
Jacqueline Girow, executive director of the London and 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 risk exposures are becoming larger and more complex, the survey shows that when claims arise, the market will continue to respond consistently, providing the certainty and reliability that people rely on.”
