Credit insurers prepare for increases in COVID-related claims in early 2021 during AGM Stocktake
Current environment may be the ‘eye of the storm’ as Credit insurers prepare for increases in COVID-related claims in early 2021
LONDON 23rd October – During last week’s online annual general meeting, Berne Union members have engaged in a virtual ‘stocktake’ of the state of the export credit and investment insurance industry during the COVID pandemic.
While claims activity is currently relatively subdued – USD 3.3 bn paid in 2020 H1, compared to 3.2 bn in 2019 H1 – many members have reported a marked increase in payment deferrals and pre-claim situations and most expect to see COVID-related claims levels rising from early next year.
During the meetings, Members voted on the election of officials for a new 2-year term, including the re-appointment of Christina Westholm-Schroder (SOVEREIGN) as Vice President and the new appointment of Michal Ron (SACE) as President.
In a landmark move, Members also voted during the meetings to restructure the Berne Union’s Committees to better reflect the real-world structure of the market and products of export credit and investment insurance.