Euler Hermes, the world's largest commercial credits insurer, which opened a branch in Romania last autumn expects to see a 100% claims rate, more than double the 2008 level, which means all premiums collected will go to paying damages, amid a major increase in the number of bankruptcies. Commercial credit insurance is purchased by companies to cover the clients' non-payment risk. For instance, a distributor of food products can secure such coverage if one of the hypermarket chains to which it sells fails to pay its bills. "It is preponderantly bankruptcies that result in claim settlement cases. Whereas last year the main cause was prolonged non-payment, this year 90% of the claims are generated by bankruptcies," says Cristina Rusuleanu, general manager of Euler Hermes, which is part of German group Allianz. Claims recorded by an insurer tend to be in the order of tens of thousands of euros, and so far none has exceeded 100,000 euros. When the insured party does not get the money owed to them by a client, the insurer comes in and pays the insured sum.
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