“The volume of export credits and foreign direct investment insured by members of the Berne Union grew by 17 percent in 2011,” said the Union’s bulletin. “The result is a record amount of $1.8 trillion of trade facilitated more than 10 percent of international trade and the highest level ever reached in the history of the Berne Union.”

Since the beginning of the global financial crisis in 2008, credit and investment insurers have continued to back international trade, “paying out $15 billion to exporters and investors, to indemnify them for losses suffered.”

Despite the continuing economic crisis in the euro zone, the Union indicated that the high level of trade and investment it has supported “is in line with the rebound of world trade and demonstrates the demand for risk mitigation products provided by Berne Union members.”

At the Spring Meeting of the Berne Union, hosted by ONDD in Brussels April 22-25,  Berne Union President Johan Schrijver commented: “The global financial crisis is not over. Berne Union members are willing and able to continue supporting global growth, and we will sustain trade and investment into the recovery.”

Peter Jones was also appointed as the new Secretary-General of the Berne Union. He is a UK national with a long career in credit and investment insurance as well as in the banking industry. He was previously the CEO of the African Trade Insurance from 2006-2009, and held senior positions at Multilateral Investment Guarantee Agency from 1999-2006; at Export Development Canada from 1995-1999; at the Canadian Imperial Bank of Commerce from 1987-1995; and at Grindlays Bank/ANZ Bank from 1980-1987.

The Berne Union (International Union of Credit Investment Insurers) is an international association for the export credit and investment insurance industry. “It works for cooperation and stability in cross-border trade by supporting the international acceptance of sound principles in export credits and foreign investments and by providing a forum for professional exchange among its members,” said the bulletin.

Source: Berne Union

Article source: http://www.insurancejournal.com/news/international/2012/04/27/245065.htm

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