One of the world’s largest credit insurers has seen either falls or only sluggish growth in its turnover in most of its major markets over the past year.
Trade credit insurer Euler Hermes reported a fall of 3.8% in first quarter turnover to Ђ50.8 million. The company said the results reflected an increasingly selective underwriting policy, which had already started to reduce its claims ratio.
There were also major falls in turnover in France from Ђ59.4 million to Ђ50.8 million and in the Benelux countries from Ђ42.9 million to just Ђ36.5 million. USA saw a tiny rise from Ђ54 million to Ђ54.9 million. In France it said it had been hit by the sluggish local economy and an increasing number of corporate bankruptcies.
Euler’s factoring business declined by 7.1% to a turnover of just Ђ24.5 million, a company statement said this was directly due to the fall in interest rates and a fall in commercial business after some large agreements were signed last year...
