Mexico's credit insurance market could expand by up to 25% this year as an increasing number of companies look to insure their accounts receivable, Atradius Mexico CEO Karel van Laack told.
“We saw growth of about 25% last year and I expect that to continue,” said van Laack. “I'd be very disappointed if we were under 20%.” In an interview last November, van Laack forecasted 25% annual growth over five years.
Credit insurance has until recently grown slowly due to companies' lack of knowledge about the product. Premiums totaled about pesos 262m (US$23m) last year, according to insurance regulator CNSF.
"We are seeing more and more players entering the market and the product is becoming better known. I'm seeing a lot of interest from companies that didn't have credit insurance," said van Laack.
