Updates and support on Covid-19

Get our latest news and insights on the Covid-19 crisis.

A message from our CEO

Dear Valued Business Partners,

I hope you and your families are safe and in good health. We are all experiencing challenging and unique times. Our team has adapted to working remotely. However, we are missing the daily routine of meeting colleagues, clients and partners.

As stated in my first communication to you, we are facing exceptional times due to the Covid 19 crisis. Prior to this devastating outbreak, the GCC economy was already facing its own challenges. The global level of risk is increasing, and the gross domestic product will most certainly decline substantially in 2020, even more now that the lockdown has been extended.

Given the dramatic economic downturn and with it the uncertainty about the future, in order to protect our clients, we have had to take certain measures against the highest risks. In the interests of transparency, local team members have called each of you to explain the rationale and to find the best way to support our mutual clients. As each client’s needs and policy conditions are unique, we will work with you on a case-by-case basis to address any requests we may receive in the comings weeks and months.

As the teams also stated during these calls with you, and any such discussions with any clients, we are striving to be flexible as is possible and remain ready to address any policy queries that may arrive. As mentioned before, each policy structure is different and needs to be assessed individually taking into account the policy conditions, the policy performance and the client’s needs. As you know, this individualized approach is also how we have worked prior to the current pandemic and lock-down. This approach necessitates continued collaboration between you, our mutual clients and us, even more now than ever before.

Our team remains at your disposal to try and assist wherever possible.


 Jean Claus CEO of Euler Hermes Middle East.

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evolutiom-image
-3.3%
Global GDP growth forecast for 2020, the slowest pace since 2009
– 15%
Forecast for decline in global trade of goods and services in volume in 2020
USD 3500 bn
Loss of global trade due to containment measures

65 million

Jobs requiring social assistance in the EU from Covid-19 related lockdowns

13,000

SMEs and midcaps at risk of bankruptcy in the Eurozone, with an average turnover of EUR40mn at risk

+20%

Forecast for rise in global insolvencies in 2020, (+7% increase in the US, a +15% rise in China and a +16% surge in Europe)

Watch the presentation by Alexis Garatti, Head of Economic Research at Euler Hermes, who talks about the impact of Covid-19 on the global economy.

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