French credit insurer Coface has expanded its global underwriting network by formally launching its Australian operation in Sydney. The branch, launched last week, will build on the company’s successful underwriting of $US300 billion ($406.2 billion) of worldwide trade.

Coface will offer the Australian market credit and political risk assessment, customer monitoring, collections management and receivables financing.

Coface Australia GM James Melrose says the launch of the local operation will be an important venture for Coface, which now services 85,000 clients from 93 countries.

Mr Melrose says the Australian market has good growth potential. “We currently have a 10% share of the Australian market and we expect to grow the portfolio and increase our market share with a concentrated effort through our new direct sales initiatives and our broker market.”

While Coface is not new to the Australian market – Mr Melrose says it has been doing business here for 60 years – the company has identified a low take-up of credit insurance as an aspect which has put local exporters at risk.