CFO Alert -- Credit and Political Risk Losses: Insurance Veterans Discuss Lessons Learned and the Way Forward for CFOs
Date: Wed, Nov 20, 2013
Time: 02:00 P.M. ET
Duration: 1 hour
During and after the 2008-2009 global financial crisis, manufacturers, trading companies, banks and others suffered many billions of dollars in credit losses from defaults by their buyers and borrowers.
A recession then plagued the U.S. and Europe, causing residual losses that many companies still feel the effects of today. At the same time, the collective tumult caused by the Arab Spring, resource nationalism, and a deterioration in sovereign creditworthiness has created new loss exposures for companies in emerging markets.
For many decades, insurance products aimed at mitigating these risks, including trade-credit and political-risk insurance, have been available and purchased, especially in Europe. The insurance industry has paid billions of dollars in losses on these policies of late, compelling many companies in the U.S. to acquire this important means of financial protection. Industry figures indicate that export trade credit insurance sales alone in the U.S. were up seven percent in 2012, and are rising at a faster clip this year.
Given all of the mayhem of the past five years, CFO magazine and Zurich are taking a step back to bring you the lessons learned by experts in the credit and political risk insurance field.
From this Webcast, you will learn:
- The reasons why trade-credit and political-risk insurance are increasingly necessary for global companies in today's politically uncertain climate;
- Facts and figures on specific regions of the world where claims have occurred in greatest number, as well as insight on where they are expected to rise;
- The key steps you should take when loss situations start to materialize;
- What is covered and what is not;
- Typical mistakes firms make and how you can avoid them;
- What insurers can do for you in addition to paying valid claims; and
- How some of the larger losses have unfolded (with names withheld to preserve confidentiality).
Our distinguished panel of experts for this Webcast includes:
- David Anderson, Director of Global Business Development Credit and Political Risk, Zurich
- Barry Huber, Vice President, Claims, Credit and Political Risk, Zurich
- Bob Meliere, Vice President, Willis Financial Solutions
- Moderator: Russ Banham, Senior Writer, CFO magazine