Belgium’s export credit agency Credendo has launched Area42 – an innovation lab that aims to “recode” trade credit insurance and related products for the digital era.

Area42 has bases in Brussels and Paris and is headed by Credendo's chief information officer, Lode Vermeersch, and led by Christophe Spoerry, who co-founded the Euler Hermes Digital Agency.

Backed by the Belgian state, the Credendo export credit agency was established in 1939 and describes its mission as “to promote international trade relations providing companies and banks medium-term and long-term trade credit insurance cover against political and commercial risks worldwide.”

Credendo has commented that the world’s risk climate is growing steadily more challenging for  global exporters in 2017, as reflected in the agency allocating more country downgrades for short-term political risk, than it does upgrades.

An analysis of the global credit insurance market published this month estimated that it was worth US$8.64 billion in 2017 and projected an annual growth rate of 2.9% that would see the figure reach $10.77 billion by 2025.

In addition to Credendo, key players in the market include Euler Hermes, Atradius, Coface, American International Group, QBE Insurance Group, Zurich Insurance, China Export & Credit Insurance Corp, CESCE, and Export Development Canada.