The global trade credit market saw a reduction in claims volume and value in 2024, with 185 claims reported, totalling over $400m. The value of claims fell, in fact, by over $100m according to a survey by Lloyd's Market Association (LMA).
The LMA in collaboration with the International Underwriting Association (IUA) and London & International Insurance Brokers’ Association, released their annual survey of global trade credit insurance claims in July 2025. The survey was conducted by A2Z Risk Services for the LMA.
The major findings of the survey reveal that claims continued to be paid reliably in a very high percentage of cases. Less than 1% of claims – valued at just $3.9m – were not paid by the contractual deadline, and all valid claims were ultimately settled.
Africa accounted for the majority of claims, with 71% coming from the continent, compared to just 10% from the Americas, 14% from Europe and 5% from Asia.
The public sector saw many more claims than the private sector, with 72% of claims coming from the public sector. However, with lower average claim values in the public sector, the total amounts paid were more evenly distributed across the two sectors: 54% to the public sector and 46% to the private sector.
The most expensive paid claims were for crop production activities, mining of chemical and fertiliser minerals, water construction projects, road and motorway schemes, and support for petroleum and natural gas extraction.
Lloyd’s Market Association head of technical underwriting David Powell said that trade credit insurance provided a vital safety net for goods and services. “This is especially evident in regions like Africa, where infrastructure investment remains critical but comes with an increased level of risk. Even in these challenging environments, insurers continue to provide protection and to pay claims reliably when they occur.”
IUA director of claims Joe Shaw said, “Trade credit insurance offers several advantages beyond simply protecting against non-payment. It facilitates business growth and improves access to financing. IUA member companies are prominently involved in providing such cover. The data from our latest survey clearly illustrates the reliability of their solutions, enabling businesses to extend credit with confidence, expand into new markets, and secure better financing terms.”