CreArea Broker: The new IFRS9 principles and Credit Insurance


CreArea Broker is an insurance brokerage company, specialized in the credit and bond lines, offering a high level professional consultancy service. With 28 years of experience in the sector, of which 24 at the Departments of leading Credit Insurance Companies, internationally and with management roles, its founder Valerio Cursi wanted to highlight the importance in the correlation between the Credit Insurance and the new accounting standards IFRS9.What do the new IFRS9 principles provide for companies?From January 2018 the new IFRS9 accounting standards issued by the International Accounting Standards Board are operational. These introduce a more severe estimate of expected losses on loans, to define the provisions to be reported in the financial statements. Basically it imposes a greater protection to companies, against the risk of default of its customers. The analysis and data collection is complex, as the company itself must define the creditworthiness of its customers on specific parameters, sometimes unavailable.How does the Credit Insurance intervene?Credit Insurance facilitates this analysis, providing customer assessments and monitoring risks. In particular, by providing insurance coverage on individual customers, it allows reducing the volume of provisions required. CreArea Broker, who works indiscriminately with all credit insurers, proposes itself as a qualified consultant for companies, identifying the best insurance solutions.

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