We see business insolvencies to rise for the third consecutive year in 2019 (+6%). The softening economic momentum, coupled by the global tightening of financing conditions, will drive up insolvencies in a majority of countries. Western Europe, where economic growth will drop below the historical threshold which stabilizes the number of insolvencies (+1.7%), will see an increase in most countries, notably in France, Italy, Spain (+2%) and the UK (+9%). All in all, 2 out of 3 countries will post a rise in insolvencies in 2019, with the US (+0% y/y) and Brazil (-6%) as key exceptions. As a result 1 out of 2 countries will register more insolvencies than before the financial crisis.