The country’s leading non-life insurance company, Malayan Insurance Co, Inc. (Malayan Insurance), has unveiled its partnership with Atradius, one of the largest, reputable international firms in trade credit insurance, during a press briefing at the Hexagon Lounge of RCBC Plaza in Makati. The announcement made by Paolo Y. Abaya, President and CEO of Malayan Insurance highlighted how the powerhouse collaboration between the two firms will significantly benefit thousands of local and international commercial businesses.
At the same time, representatives of Atradius, Eric den Boogert, managing director of Atradius in Asia; Michael Frigo, director of Atradius in Southeast Asia; and Jetse van Hee, head of Channel Development of Atradius in Asia, explained their global expertise in the trade credit insurance sector, and the range of benefits it offers to customers.
Trade credit insurance (TCI), also known as accounts receivable insurance or debtor insurance, is an insurance solution that safeguards businesses from the risk of their clients’ failure to pay for the goods or services they acquired. TCI covers the sales contract between the insured seller or company and its corresponding buyer. It helps policyholders recoup their losses or unpaid debts as long as they are within the agreed TCI plan’s limits.
TCI has been widely used by companies in overseas markets like Europe and the United States to help them manage and mitigate their risks. The International Credit Insurance & Surety Association (ICISA) stated in a report that the global trade credit insurance market reached a premium volume of USD 13.89 billion in 2022 alone.
In the Philippines, Malayan Insurance and Atradius hope to increase TCI utilization by leveraging and maximizing both insurance giants’ expertise in identifying, managing, and alleviating risks.
The collaboration between the country’s leading No. 1 insurance company and the international TCI powerhouse is expected to reshape and expand the landscape of the local insurance industry since it will provide an invaluable safety net to a wide range of medium and large-scale enterprises.
Aside from the guaranteed protection from non-payments, prospective Malayan-Atradius clients will also have better opportunities for growth since they can now offer credit terms to customers, avail better financing terms from lenders with credit insurance policies, maximize credit management tools, gain quick access to relevant business information, and receive assistance in managing client portfolios.
Since 1926, Atradius has been a world leader in trade credit insurance, surety, and debt collection services. It has a growing presence in over 50 countries worldwide and received a financial strength rating of A (excellent) from AM Best with a stable outlook and a Moody’s rating of A1 with a stable outlook. Atradius N.V. is wholly owned by Grupo Catalana Occidente, S.A., and Grupo Compania Espanõla de Crédito y Caución, S.L.
To learn more about the Malayan Insurance-Atradius trade credit insurance product, visit www.malayan.com or the nearest Malayan Insurance branch.
ADVT.