ICBA China (Guangzhou) now provides export credit insurance coverage for foreign (non-Chinese) companies
Monday, October 26, 2009 at 11:55AM By Luc Gillijns
ICBA China, SINOSURE Corporation (China Export & Credit Insurance Corporation), now serves non-Chinese companies and provides policies in English.
To qualify for coverage, the foreign co-insured company must be directly or indirectly related to a Chinese company (by an agency contract for example) and, also, the insurance agreement must cover (predominantly) goods produced in China.
Recently, Jordan Deng, general manager of ICBA China in Guangzhou and I had a conversation about this news. From our discussion:
- The foreign company must be based in Mainland China.
- The company can be a trading company sourcing products from companies located in China – so long as the goods are shipped from China.
- There is no specific requirement for minimum turnover, but ICBA China encourages an annual turnover of US$10M for this type of policy.
- The Chinese government is giving incentives to exporters of Chinese products willing to buy credit insurance.
The full discussion (Q&A) and many more details are in the October ICBA Belgium newsletter. This newsletter with two graphic scenarios can be requested from ICBA Belgium.
(Luc Gillijns is an ICBA Belgium broker and is Managing Director of Trade Insure NV, Belgium's leading specialist trade credit insurance brokerage. ICBA is the world’s largest team of independently-owned, specialist trade credit insurance brokerages. Partners combine local service with global coordination to provide credit and political risk insurance solutions for multinational companies.)