The global financial crisis will force players in trade credit insurance to review their business models if they are to survive, according to leading trade credit insurer Coface.

Paris-based Coface, the third-largest global trade credit and protection agency, says it will concentrate on its rating experience after posting losses of €163 million ($248.8 million) in 2009.

The former French Government-owned company improved revenues by 3.8% to €1.563 billion ($2.35 billion), but €320 million ($482 million) in credit insurance losses stripped any potential profit growth.

Coface says it plans to post profits of €250 million ($376.9 million) by 2012.

Trade credit insurance witnessed a significant withdrawal of capacity over the past 18 months as the strain of the financial collapse took its toll.

In February, fellow French trade insurer Euler Hermes posted a 77% drop in 2009 net earnings to €19.0 million ($28.65 million).

Dutch insurer Atradius has yet to post its 2009 results.