Policy-oriented export credit insurance business expanded during the first half of 2018, particularly in countries and regions involved in the Belt and Road (B&R) initiative, the Xinhua News Agency reported, citing the China Export & Credit Insurance Corp (Sinosure).
Insurance coverage contracted by the firm from January to June 2018 reached a value of $290.36bn, a 12.8% growth over the first half of 2017. Insurance payments to clients amounted to $630m during the same period, up 21% yearon year.
Insurance business overseas in countries on the B&R routes reached $74.3bn in the first six months, an 18.3% increase year-on-year, comprising 25% of the total. The export credit insurance aims to help Chinese firms deal with potential political, economic and cultural risks as they expand their international operations.
Sinosure is China's only policy-oriented export insurer. It offers risk protection for Chinese exporters of goods, services, technology, investment and large-scale infrastructure projects, covering close to 60% of all exports of most large-scale industries, and over 10% of exports by small companies.