Members of the Berne Union – International Union of Credit & Investment Insurers – saw the value of credit and investment insured in 2012 grow by 2.4 per cent, reaching in excess of US$ 1.8 trillion. This matches the 2.4 per cent growth in exports for 2012 according to the United Nations Statistics Division. Collectively, Berne Union members insured more than 10 per cent of international trade in 2012.

Of the total business volume, about US$ 1.5 trillion represented short-term (ST) export credit insurance with credit terms up to one year, while medium and long-term (MLT) export credit insurance for periods in excess of one-year amounted to more than US$ 180 billion. New transactions covered in investment insurance (INV) reached a record US$ 94 billion. Claims paid in ST export credit insurance rose again in 2012, following a drop in 2011, largely due to higher insolvency rates in Europe. Claims paid in MLT export credit insurance stayed at the same, relatively high, but sustainable level experienced in 2011. The combined claims paid to exporters and investors in 2012 in all lines of business totalled US$ 4.7 billion.

Since the beginning of the global financial crisis in 2008, credit and investment insurers have paid in excess of US$ 20 billion to their clients to compensate them for losses suffered due to defaults by buyers or other obligors.

“The high level of trade and investment covered demonstrates the commitment of our members to support trade, and trade is key to sustained economic recovery and growth” said Johan Schrijver, President of the Berne Union. Peter Jones, Secretary General of the Berne Union also commented: “The risk environment is expected to remain volatile, but despite these challenges Berne Union members will continue to support their customers with ample insurance capacity.”

The 2012 results were announced at the Berne Union Spring meeting in New York from 22-24 April 2013 which were hosted by the Union’s North American private market members AIG, FCIA, HISCOX, SOVEREand ZURICH.