Allianz Trade in Asia Pacific has named Scott Munafò as China CEO, effective 1 September, moving its global head of broker management into the country's top trade credit role as the insurer forecasts a further 10% rise in Chinese insolvencies for 2026.
Munafò, who will be based in Shanghai, succeeds Maxim Ryzhkov, who had led the China business since 2023. Munafò joined Allianz Trade in 2015 and has since held account management roles across MMEA, APAC and Northern Europe, becoming Regional Account Director for Northern Europe in 2021 before being named Group Head of Broker Management and Partnerships in 2025 - the role responsible for the insurer's global distribution strategy.
The appointment lands as Allianz Trade's own data shows non-payment risk climbing across the region: Asia recorded a 39% year-on-year jump in business insolvencies through 2025, and the insurer expects Chinese insolvencies to rise a further 10% in 2026 - among the sharpest increases it is forecasting anywhere.
That mirrors wider pressure on China's insurance market: sector premium growth is projected to slow to 4.4% in 2026 from 5.4% in 2024, with marine cargo, trade credit and political risk lines flagged as particularly exposed to ongoing trade tensions.
For brokers placing trade credit, political risk or surety cover tied to China exposure, that combination is worth noting: rising insolvency risk is already reshaping client conversations, and the executive now running the China business spent his most recent year overseeing Allianz Trade's global broker relationships rather than underwriting or claims.
Rodrigo Jimenez, regional CEO of Allianz Trade in Asia Pacific, pointed to Munafò's cross-regional commercial record, saying he is "exceptionally well positioned to lead our China operations."
Munafò said Allianz Trade has been "part of China's trade story for nearly two decades," built on relationships maintained through past economic cycles.
With China insolvency risk rising and trade credit demand growing across the region, brokers with China-linked clients may want to factor the leadership change into placement conversations at renewal, particularly given Munafò's direct broker-relationship background.
