Short Term Committee
|About Short Term Credit Insurance|
What is short-term credit insurance?
Short-term (further – ST) credit insurance is a risk coverage for export (or trade in general) transactions
with deferred payment i.e. risk period, of up to 1 year.
Why it should matter for exporters?
Export credit insurance, trade finance and other risk mitigation tools are essential not only for peace of mind
when dealing with trading partner, but essential by allowing exporter to think more about business than the
unknowns characterized by foreign markets – with a different culture, understanding of the business and geographical distance.
What is the ST Committee of the Berne Union?
ST Committee brings together the key global players in the ST export credit insurance business with cutting edge experience in a variety of markets and a variety of products.
|OBJECTIVES AND AREAS OF FOCUS|
The main objective of the ST Committee is to provide for the exchange of information, assistance, expertise and advice in relation to both to the commercial and political risks involved in export credit insurance. ST Committee meetings include in-depth discussions on the usual areas such as
- members' business trends and experience
- the macro trade environment
- technical insurance issues around e.g. underwriting, risk assessment, claims management etc.
- product development; pricing; marketing
- digitisation and automation
|Business and Participants|
Who are the participants?
The participants of the ST Committee consist of both private trade credit insurers and export credit agencies that are active in the ST insurance business. Among the participants are all the dominant players in the market, therefore making it inclusive platform of the industry.
The ST Committee currently consists of more than 40 member organisations with a diverse mix of private and public agencies with widely differing business models and products.
What is their business and products?
Committee members provide variety of products – from the traditional ones – as portfolio insurance and direct financing of export transaction in a form of factoring, to a more niche products such as single risk insurance and risk coverage for various trade finance instruments, etc.
The overall business of the industry has grown steadily since 2009 as well as its share of volume of total global exports, reaching above 15%.