The global market for commercial credit insurance saw a significant decrease of nearly 25% in 2024 in both the number and value of claims, according to the latest data jointly published by the Lloyd’s Market Association (LMA), the International Underwriting Association (IUA), and the London & International Insurance Brokers’ Association (LIIBA). However, Africa remained at the center of this dynamic, accounting for 71% of claims reported worldwide, far ahead of Europe (14%), the Americas (10%), and Asia (5%).
This annual survey, conducted by A2Z Risk Services, identified 185 claims totaling over 400 million dollars, a decrease of over 100 million compared to 2023. Despite the persistence of risks, particularly related to infrastructure projects on the African continent, insurers continued to demonstrate reliability. Less than 1% of claims, totaling 3.9 million dollars, exceeded contractual deadlines, and all valid claims were paid out.
The predominance of Africa in claims is explained in particular by the weight of claims in the public sector, which represents 72% of reported cases. However, in terms of amount paid out, compensations were more evenly distributed between the public sector (54%) and the private sector (46%), with the average value of claims from the private sector being higher.
The most affected sectors include support services for agricultural production, chemical and fertilizer extraction, construction of hydraulic and road infrastructure, as well as activities related to oil and gas extraction, all essential industries for the continent’s development.
According to David Powell, head of technical underwriting at the LMA, these figures confirm that credit insurance remains a cornerstone of international trade, especially in complex environments such as those in many African countries.
