In 2009, in regard to export guarantees, KredEx continually focused on offering of short-term guarantees with so-called non-marketable risks, i.e. at the direction of countries not belonging to the OECD member states with high income, as well as on offering of medium and long-term export guarantees. In year 2009, KredEx received 312 applications for export guarantees and as of the end of the year, new insurance contracts were concluded with 56 exporters to guarantee credit risks connected with 98 foreign buyers.
Insurance contracts of export guarantees were concluded in total amount 335 million kroons. As of the end of December, a liability was taken by offers to issue additional export guarantees in the amount of approximately 19 million kroons. The amount of concluded insurance contracts the year before was 169 million kroons.
According to the manager of enterprise and export division Lehar Kütt, year 2009 brought along a remarkable growth of interest in the export guarantees of KredEx, the reason possibly being the economic crisis and general uncertainty in economy, as well as the exceeding conservatism of private credit insurers.
In year 2009, the greatest number of new export guarantee insurance contracts were concluded for protection against credit risks of export to Ukraine, in total amount 229 million kroons, i.e. 68% of the total volume of contracts concluded. In 2009, also export to Russia (9%), Finland (3%), Belarus (3%), Serbia (3%) and France (3%) was guaranteed more than average. Insurance contracts to non-marketable countries, including Russia, Belarus, Ukraine, Serbia, Kazakhstan, Iran, Croatia and Israel, were concluded in total for 283 million kroons, which makes 85% of the total volume of new insurance contracts. A year before, the share of credit limits issued for non-marketable countries was 89%.
Regarding export guarantees to OECD member states with high income, including the EU states (EU buyer’s risk insurance), in year 2009 the interest was relatively stable in comparison to the previous year, some growth could be noticed in the total volume of issued credit limits. In year 2009, 57 agreements were concluded in total volume of 51 million kroons. In year 2008, 57 agreements were concluded in total volume of 28 million kroons.
„From January 1st, 2008, the state aid regulations of the European Union that were extended to KredEx, limit the growth of buyer’s risk insurance, which make it possible only for companies with an annual export turnover of up to 2 million EUR to use it. The export potential of such small companies is generally not big, and they mainly operate in the internal market,” Lehar Kütt said. „The above described limitations shall disappear, when AS KredEx Krediidikindlustus founded in November last year will start its operations, continuing the activity of KredEx in offering entrepreneurs export guarantees. By foundation of a private credit insurance company, in addition to issuing of official state-guaranteed credit insurance, possibilities for guaranteeing of short-term export transactions were created also in the direction of the European Union and other OECD member states with high income, as well as for offering of internal credit insurance. At the moment, answer in regard to activity permit application of a credit insurance company is being expected from the Financial Inspection“.
From year 2001, KredEx has guaranteed the export transactions of 250 Estonian companies for 1100 foreign buyers in the amount of approximately 3 billion kroons.
Hobujaama 4, 10151 Tallinn, Estonia kredex[at]kredex.ee +372 667 4100
