Think tank draws up code of conduct for trade credit industry
A think tank is aiming to prevent another European trade credit insurance crisis by drawing up a code of conduct for trade credit firms.
Credit Management Think Tank 2015, an initiative of broker consultants CRiON, encourages credit insurers and their clients to share information transparently.
A spokesman for the think tank said communication breakdown had ruined trust between insurers and clients in 2008 and 2009 as many insurers had withdrawn credit limits and reduced risks without telling their clients.
CRiON chief executive Jean Louis Coppers said many trade credit insurers did not plan well for the future, and added: "We have to take lessons from what happened, because we know there will be a new crisis."
The think tank wants to formalise the details of the code by June.
The code is not currently legally binding. Details of firms breaking the code would be published in CRiON reports.
Atradius chief markets officer Peter Ingenlath said it supported the code. Euler Hermes and Coface were unavailable for comment at the time of going to press.
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