Allianz Trade is expanding Excess of Loss to the Asia Pacific and has new teams in Germany, Spain and Brazil.

Celebrating a decade in the UK and US, Allianz Trade is investing in select new markets it says have a “real need” for this solution.

Additional staff will be hired in Singapore and “Australia is one of the focus markets,” an Allianz Trade spokesperson tells insuranceNEWS.com.au.

Credit and political risk cover is particularly relevant in economic downturns as companies want the certainty of non-cancellable protection, Global Head of Excess of Loss Alexia Parmentier says.

“By investing in local teams, we are ensuring our partners have access to Excess of Loss specialists in every region,” she said.

Allianz Trade expects companies to need increasing support and protection against potential large and unexpected losses as insolvencies rise and amid a slowdown in global economic activity. Dedicated teams on the ground will support those markets and help businesses mitigate significant and unexpected losses.

The solution supports more than 300 companies.

“Designed to help companies mitigate significant losses, this credit risk management solution improves balance sheet efficiency. It is based on the company’s existing credit management procedures and features non-cancellable limits,” Allianz Trade said.

It covers insolvency, protracted default and political risk, and Allianz Trade also offers an in-depth company database to enhance businesses’ credit management.

"We give companies the confidence to trade by securing their payments. We compensate your company in the event of a bad debt, but more importantly we help you avoid bad debt in the first place,” it said.

Paris-based Allianz Trade is present in 52 countries with 5500 employees and turnover of €3.3 billion ($5.42 billion) last year.