Trade credit insurance (TCI) protects businesses from the financial impact of their clients’ default on payments. Credit: fizkes/Shutterstock.

Malayan Insurance has joined forces with Atradius to provide TCI to businesses in the Philippines, looking to enhance risk management.  

The aim is to increase the utilisation of TCI by leveraging expertise in risk identification and mitigation.  

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This alliance is expected to transform the local insurance market by providing a financial safety net to medium and large-scale enterprises. 

It will support the insurance industry in the Philippines by offering a broad spectrum of businesses a layer of protection against non-payment risks. 

Prospective clients of the Malayan-Atradius partnership can expect to benefit from improved credit terms, better financing options, enhanced credit management tools and support in managing client portfolios.  

These advantages are in addition to the core function of TCI, which is to protect businesses from the financial impact of their clients’ default on payments for goods or services. 

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TCI, also known as accounts receivable insurance, is designed to cover sales contracts and help policyholders recover losses within the limits of their TCI plan.  

According to the International Credit Insurance & Surety Association, the global trade credit insurance market reached a premium volume of $13.89bn in 2022.  

Atradius, with a history dating back to 1926, is a global provider of trade credit insurance, surety and collections services, and is owned by Grupo Catalana Occidente and Grupo Compania Espanõla de Crédito y Caución. 

In other recent news from the South East Asian insurance sector, Chubb collaborated with digital financial services provider Atome to co-create insurance products for consumers in Singapore, Malaysia, the Philippines and Indonesia.