Credit Insurance, Commercial Risks, Territorial Risks, State Support, Harmonization, Unification of the Rules.
Credit insurance market is today one of the important segments of domestic, European and world insurance market. As most economies face downturn as well as does the international trade, credit…více
Credit insurance market is today one of the important segments of domestic, European and world insurance market. As most economies face downturn as well as does the international trade, credit insurance is used intensively, mainly the state supported part. It may be an instrument of support of bank credit activities financing the international trade and therefore an obvious impulse that turns the entrepreneurs onto increase of their business activities. Long-term process of unification of forms, methods and instruments used in export credit insurance is observed, as well as in other insurance fields. Nevertheless, this is not a single insurance market as we can see in other insurance businesses. This could be only possible in case the insurance is provided on commercial basis with commercial reinsurance. State budget fulfils the role of reinsurance in state supported insurance. Therefore it is difficult to talk single insurance market based on the right to set the branches or provide services. Another way of “harmonization” is observed. It is unification of rules for state support in order to support competitiveness of individual OECD exporters but still keep the discipline in export support. Thus the rules for financing and insurance of export credits and investments were dealt within OECD. The rules include the ways of description of territorial risks of individual countries, setting the insurance rates, terms of supported export credits or level of insurance cover. These rules were implemented into EU legal system and member states legal systems. Following these rules could bring the benefit of weaker protectionism which is more observed in these days of hard economic situation.