Risk portfolio of KredEx Credit Insurance grows to EUR 230 million
Last year, AS KredEx Credit Insurance insured the risks of Estonian business operators in 60 countries, with the value of invoices insured by companies up more than 17% year on year.
The risk portfolio of KredEx Credit Insurance grew to EUR 230 million by the end of last year, with approximately 100 Estonian companies concluding agreements to insure the default risks of their business partners.
“Economic uncertainty on adjacent markets has increased business operators’ interest in insuring payment risks related to buyers. Insurance is being used more actively by exporters in the food, timber and building materials industries,” said Meelis Tambla, Chairman of the Management Board of KredEx Credit Insurance.
Last year, KredEx Krediidikindlustus indemnified clients for a total of 21 insured events resulting from unpaid invoices worth EUR 1.7 million.
The major target countries for insurance were Finland, Sweden and Poland. Year on year, business volumes grew most in Sweden, Norway and Italy.