Africa remains the largest source of claims, while Europe sees the highest total payouts 

London, 20 April 2026: The Lloyd’s Market Association, International Underwriting Association and London & International Insurance Brokers’ Association today published the results of their annual survey of global trade credit insurance claims, conducted by A2Z Risk Services. 

The survey shows that: 

• A total of 136 claims were payable in 2025, down from 185 in 2024. However, the aggregate value of claims rose to US$438.5 million, an increase of almost US$38 million year-on-year.  

• Only three claims, representing just over 2% by number and around 3% by value, were paid after the contractual deadline, due to payment processing issues rather than disputes over coverage. In addition, a small number of claims were affected by ongoing sanctions-related clarifications, with insurers working to meet their regulatory obligations where required. 

• Africa remained the largest source of claims by volume, accounting for 63% of all claims. However, Europe accounted for the highest proportion of claims by value, representing more than a third of total amounts paid. The Americas accounted for 13% of claims, while Asia represented 7%. 

• The public sector continued to see more claims than the private sector, with 65% of claims coming from the public sector. However, with higher average claim values in the private sector, the total amounts paid were significantly higher: 67% to the private sector and 33% to the public sector. 

David Powell, Head of Technical Underwriting at the Lloyd’s Market Association, said: “Trade credit insurance remains a vital enabler of global trade. While the number of claims fell in 2025, the increase in overall claim values underlines the importance of robust underwriting and long-term capacity to support complex transactions. 

“The data also demonstrates the continued reliability of the market. Even where payments are delayed due to operational or regulatory complexity, insurers are working to ensure that valid claims are ultimately settled.” 

Joe Shaw, Director of Claims at the International Underwriting Association, said: “Trade credit insurance supports economic growth by enabling exporters and lenders to extend credit with confidence and to access financing on better terms. The survey results once again show that the London market delivers dependable outcomes for policyholders across a wide range of geographies and sectors.” 

Jacqueline Girow, Executive Director at the London & International Insurance Brokers’ Association, said: “For brokers and their clients, these findings reinforce the value of trade credit insurance as a practical risk management tool in an uncertain trading environment. While exposures are becoming larger and more complex, the survey shows that the market continues to respond consistently when claims arise, providing the certainty and reliability that people depend on.” 

Notes to Editors 

Media relations contacts 
 
LMA: 
Carole Porter, Head of Marketing and Communications | +44 20 3307 3947 | Email: carole.porter@lmalloyds.com 

IUA: 
Scott Farley, Director of Communications | +44 020 7617 4449 | Email: scott.farley@iua.co.uk 

Omnia Partners: 
Victoria Sisson, Director | +44 794 129 4872 | Email: victoria.sisson@weareomniapartners.com 

Notes 

The above release is not a recommendation to buy comprehensive non-payment insurance. Clients should seek advice on their specific requirements from an appropriate intermediary.  

About the Lloyd’s Market Association 

The Lloyd’s Market Association (LMA) exists at the very heart of Lloyd’s, a world-leading global marketplace for complex risk where solutions to challenges are delivered every day. 59 Lloyd’s managing agents and members’ agents are members of the LMA. 

We represent our members’ interests to organisations including governments, regulators, and the market’s central supporting body, the Corporation of Lloyd’s. We provide professional and technical expertise in areas ranging from model policy wordings to the implementation of innovative technologies. We connect with our members to identify and resolve issues facing the market, and work in partnership with Lloyd’s and the other market associations to influence initiatives and outcomes. We operate the market’s most comprehensive technical education service, the LMA Academy. For more information visit: www.lmalloyds.com. 

About the IUA 

The International Underwriting Association of London (IUA) is the representative body for companies in London providing international and wholesale insurance and reinsurance coverage. Its mission statement is to secure an optimal trading environment for London insurance companies. 

About LIIBA 

The London & International Insurance Brokers’ Association represents the interests of Lloyd’s insurance and reinsurance brokers operating in the London and international markets.