Despite modest GDP growth projections and rising bankruptcies in key sectors, Switzerland has been ranked the world’s most competitive economy in 2025 by the IMD World Competitiveness Ranking 2025. As global uncertainties deepen—from U.S. policy shifts to trade tensions—Swiss exporters face both threats and historic opportunities. In this interview, Christian Moins, CEO of Coface Switzerland, explains how businesses can manage risk and secure growth in turbulent times.
1) U.S. Election impact: Coface supports Swiss companies in US trade dispute
Switzerland is currently seeking a resolution in the trade dispute with the United States. How exactly does Coface support Swiss companies in securing their claims amid this uncertain trade environment? Additionally, how has demand for your credit insurance solutions evolved since the start of the tariff crisis?
At present, we have not observed a significant increase in demand for credit insurance solutions from Swiss companies trading with the US. This is primarily because no concrete decisions have yet been made in the tariff negotiations. Consequently, many market participants are adopting a cautious, wait-and-see approach.
Recently, the Swiss Federal Council approved a negotiation mandate endorsed by the foreign policy commissions of both parliamentary chambers. The aim is to successfully conclude ongoing trade talks with the US before the 90-day tariff pause expires.
The primary focus is on removing the 31% additional tariffs that could potentially harm Swiss exports. At the same time, the goal is to establish more stable and predictable trade relations.
Coface provides companies with a variety of tools to manage this challenging situation — from up-to-date information to tailored insurance products. Our experts in Switzerland and the US are closely connected to the risks and ready to assist companies in securing their claims at any time.
2) India’s trade momentum: opportunities, credit risks and payment behavior in the Indian market
After TEPA agreement, Swiss businesses expect promising significant tariff reductions. How do you assess credit risks in the Indian market? What concrete figures on payment defaults and insurance coverage can you provide for Swiss companies planning to export to India?
India is one of Switzerland’s key trading partners in Asia, supported by numerous bilateral agreements. Swiss exports to India totaled 14.4 billion Swiss francs in 2022, making the country a significant focus.
We rate India’s country risk as B, indicating a relatively high risk, yet a comparatively favorable rating for a developing nation. Our annual payment experience study for the Asia-Pacific region reveals that only 36% of Indian companies surveyed reported payment delays in 2024—a significant decrease from 65% in 2023.
For comparison, Australia and Thailand each reported 65% of companies experiencing payment delays in 2024. Furthermore, average payment delays in India shortened from 66 days in 2023 to 56 days in 2024, placing India in the middle range for the region.
Coface has a local team closely connected to these risks, allowing us to provide Swiss companies planning to enter the Indian market with well-informed, up-to-date advice.
3) Trading with China in 2025: current country risk assessment of China and export trends
Between March 2024 and March 2025, China’s exports to Switzerland increased by 72.1 million dollars (12.5%). At the same time, geopolitical tensions persist and structural risks are building. How does Coface currently assess China’s country risk? And what changes have been made in the risk assessment over the last 18 months?
Country risk assessment includes both the structural and cyclical risks of a country.
In China’s case, these factors have not significantly changed over the past 18 months. Therefore, Coface maintains its country risk rating at level B. Despite economic weakness caused by the burst real estate bubble and softer domestic demand, growth remains robust due to government subsidies.
However, our 2024 Coface survey on payment behavior in China shows growing caution among suppliers. They extend payment terms amid ongoing economic uncertainty. This has led to a slight increase in payment delays from 64 to 65 days. When payment terms and delays are combined, the average waiting time between delivery and payment rose from 133 days in 2023 to 141 days in 2024. Notably, nearly half of the respondents reporting extremely long payment delays (over 180 days) indicated delays exceeding 2% of their annual turnover. This share increased significantly from 33% in 2023, highlighting a rising risk of payment defaults.
4) Business Climate in Germany (& the EU): slow growth and its impacts on Swiss Exporters
The ifo Business Climate Index for Germany rose only slightly to 86.9 points in April 2025. At the same time, uncertainty among companies increased. How does this ongoing weakness in the German economy affect Swiss exporters? What quantitative changes do you observe regarding credit risks for Swiss companies exporting to Germany?
Despite significant economic policy uncertainty in Germany, we now primarily see opportunities for Swiss companies.
The ifo Business Climate Index has steadily increased since early 2025, reaching 87.5 points in May — the highest level since June 2024.
Economic data also reflect this improved sentiment. GDP growth in the first quarter of 2025 was surprisingly robust, rising by 0.4% compared to the previous quarter. Part of this increase stems from pull-forward effects linked to US tariffs announced in early April. Meanwhile, private consumption and investments in equipment and construction sectors have revived.
The newly elected government, sworn in May, has further boosted expectations. A comprehensive infrastructure investment package worth 500 billion euros is planned, potentially benefiting selected Swiss companies.
Overall, Swiss exporters can expect a slow but steady recovery of the German economy, which positively influences credit risk.
5) Political risk is rising: impact on Swiss exporters and insurance costs
Political risk is one of the pillar of our structural assessment in Coface’s risk model. Which three countries or regions currently show the largest deteriorations in political risk assessments? How do these changes specifically affect insurance costs for Swiss exporters?
We compile the political risk index annually, every October. In October 2024, the West Bank and Gaza Strip, Sudan, and Tunisia recorded the most significant deteriorations compared to the previous year.
The escalating war in Gaza is the main driver of risk in that region.
In Sudan, the civil war between the regular army and the paramilitary Rapid Support Forces (RSF) has intensified. State structures have nearly collapsed, displacing over 14 million people.
Tunisia’s economic crisis has worsened due to high inflation and rising unemployment. This situation has led to increased protests, while President Said increasingly undermines the separation of powers.
We classify Gaza and Sudan as E-risk regions, meaning extremely high risk. Consequently, we do not offer insurance for these areas.
Tunisia holds a country risk rating of C, resulting in higher insurance costs for Swiss exporters.
These developments directly impact the pricing and cost of political risk coverage, which companies must factor in when conducting export business.
6) Supply chain disruptions: Coface supports Swiss firms in assessing supply chain risks
Data from Resilinc reveal a dramatic 38% increase in supply chain disruptions in 2024. What specific measures has Coface implemented to protect Swiss companies against these heightened risks? Additionally, how have these disruptions quantitatively impacted claim rates in your industry?
Although we do not offer business interruption insurance, we contribute significantly through our data, analyses, and advisory expertise to assess supply chain resilience. With our evaluations you can assess not only Tier 1 suppliers but also Tier 2 and Tier 3 suppliers.
Our early warning systems enable the timely identification of suppliers facing potential financial difficulties. This helps detect and prevent payment defaults at an early stage.
Moreover, we incorporate macroeconomic indicators and additional information to broaden the perspective. This strengthens risk assessment and helps companies respond more effectively to supply chain disruptions.
7) Turning data into decisions: how Coface integrates Artificial Intelligence into credit decisions
Digitalization and artificial intelligence are fundamentally changing your business environment. How do you use modern AI and modeling techniques to enhance your data and scoring capabilities? How do these innovations concretely improve your credit decision processes?
At Coface, we make around 12,000 credit decisions daily across 200 countries — a task hardly manageable without technology. Since 1946, we have been collecting and analyzing data from diverse sources worldwide. This data is enriched with our own insights to provide well-founded assessments.
However, Coface offers more than raw data. Close collaboration between underwriters, credit analysts, economists, and data scientists transforms big data into smart data. This results in tailored risk management solutions that better protect businesses.
Managing a credit volume of 715 billion euros requires precise and up-to-date data to identify risks early. That is why we continuously invest in AI and machine learning models. These not only enhance the performance of our scores but also constantly enrich our data sources.
This approach improves the quality of our decisions while increasing transparency and traceability for all stakeholders. Our technology-driven platform is at the core of this development.
Additionally, we continuously expand our global data resources through a multi-sourcing approach to optimally cover every region and business sector. This enables us to deliver detailed risk assessments and predictive analytics.
Furthermore, we advance our connectivity solutions by offering clients and partners direct interfaces, including APIs and specialized CMS software. These enable seamless integration into their workflows and increase efficiency for all involved.
From assumptions to action
As global trade becomes increasingly complex, one thing is clear: businesses can no longer afford to rely on assumptions. Swiss companies need reliable, real-time insights to make confident decisions. At Coface Switzerland, we are helping exporters shift from reactive to proactive — with data, experience, and tailored solutions. Because in today’s environment, resilience is not a buzzword — it’s a daily business need.
About Christian Moins
Christian Moins is the Country Manager for Coface Switzerland and General Agent of its FINMA-regulated insurance branch. With over 20 years of international experience, he is a seasoned executive in credit and P&C insurance, risk assessment, and business operations.
He serves on the Board and Risk Committee of Coface Re SA, a FINMA-regulated reinsurance company, contributing to strategic and risk governance. Known for his transformational leadership, Christian has led major organizational and operational changes, driving efficiency and innovation. He has also been actively involved in his community as a private school trustee.
