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Credit Specialties market update: Q3 2023

The latest market update provides insights to support risk allocation and management strategies to help businesses to grow in the current global environment.
Expressway top view, Road traffic an important infrastructure

The latest market update provides insights to support risk allocation and management strategies to help businesses to grow in the current global environment.

It considers the changing risk landscape and the insurance market response across trade credit, surety, structured credit, and political risk. While several factors are expected to challenge businesses as they prepare for the year ahead, there are signs of resilience in the global economy that are likely to generate demand.

Key takeaways:

  • In general, recent economic reality has consistently outperformed market expectations.
  • However, the prospects for emerging markets are more volatile, with weak demand from advanced economies likely to impact export-dependent countries.
  • As the 2024 election cycle gets underway, some of the world’s largest democracies will vote in elections that could impact global trade, defence alliances, and overall political stability.
  • Despite an uncertain outlook, demand for trade credit insurance remains strong, while the surety market has maintained substantial capacity and provided stable pricing. Overall, political risk and structured credit insurers adapted throughout a volatile year and insurers’ risk appetite has not waned.

For a more detailed analysis of the market conditions and how they may impact your business, download the report in full. 

This publication is not intended to be taken as advice regarding any individual situation and should not be relied upon as such. The information contained herein is based on sources we believe reliable, but we make no representation or warranty as to its accuracy. Marsh shall have no obligation to update this publication and shall have no liability to you or any other party arising out of this publication or any matter contained herein. Any statements concerning actuarial, tax, accounting, or legal matters are based solely on our experience as insurance brokers and risk consultants and are not to be relied upon as actuarial, accounting, tax, or legal advice, for which you should consult your own professional advisors. Any modelling, analytics, or projections are subject to inherent uncertainty, and any analysis could be materially affected if any underlying assumptions, conditions, information, or factors are inaccurate or incomplete or should change. 
LCPA 23/524

Marsh Pty Ltd (ABN 86 004 651 512, AFSL 238983) (“Marsh”) arrange this insurance and is not the insurer. The Discretionary Trust Arrangement is issued by the Trustee, JLT Group Services Pty Ltd (ABN 26 004 485 214, AFSL 417964) (“JGS”). JGS is part of the Marsh group of companies. Any advice in relation to the Discretionary Trust Arrangement is provided by JLT Risk Solutions Pty Ltd (ABN 69 009 098 864, AFSL 226827) which is a related entity of Marsh. The cover provided by the Discretionary Trust Arrangement is subject to the Trustee’s discretion and/or the relevant policy terms, conditions and exclusions. This website contains general information, does not take into account your individual objectives, financial situation or needs and may not suit your personal circumstances. For full details of the terms, conditions and limitations of the covers and before making any decision about whether to acquire a product, refer to the specific policy wordings and/or Product Disclosure Statements available from JLT Risk Solutions on request. Full information can be found in the JLT Risk Solutions Financial Services Guide.”