Hundreds of millions of dollars in losses may not be the firstthought that comes to mind when discussing Trade Credit Riskcoverage, but an executive with the Zurich says that is what theglobal financial crisis cost the insurer over the past fiveyears.
|Speaking during a Webinar presentation last week by insurancebroker Marsh titled, Doing Business in Distressed and EmergingEconomies, Anne Marie Thurber, executive vice president andmanaging director, credit and political risk for Zurich, said thecompany has paid over $600 million in trade-credit claims since2008 as a result of the financial crisis. She said honoring thoseclaims proved the company's value to its clients. She added thatthe company went beyond just paying claims.
|One example she offered was a manufacturer that filed Chapter 11bankruptcy leaving the supplier with a claim on its accountsreceivables. Zurich paid the seller's claim, but took theadditional step of working with the bankruptcy judge to maximizerecoveries for both insured and uninsured exposures.
|During the financial crisis, Zurich supported customers bytaking on more risk, but carefully underwriting those additionalexposures, she said.
|“We were there when our customers needed us the most,” saidThurber.
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