Risk portfolio of KredEx Krediidikindlustus grows to EUR 230 million
Last year, Estonian entrepreneurs insured their sales turnover through KredEx Krediidikindlustus in 60 countries and in an amount totalling nearly EUR 500 million. The risk portfolio of KredEx Krediidikindlustus grew 17% over the year, reaching EUR 230 million.
Last year, KredEx Krediidikindlustus indemnified 21 loss events to Estonian companies in the total amount of EUR 1.8 million. The biggest loss events were related to insolvency of Estonian and Ukrainian companies.
“In 2015, we collected insurance premiums in the amount of EUR 1.4 million in our main area of business – short-term credit insurance, which is also approximately at the same level with the year before last. In previous years we have also insured several large-scale and long-term export transactions, for example in Ukraine and Russia; however, in 2015 this business line did not yield us any extra profit,” said Meelis Tambla, Chairman of the Management Board of KredEx Krediidikindlustus.
The major target countries for insurance were Sweden, Finland and Poland. Year on year, business volumes grew most in Sweden, Poland and Belarus. Throughout the year we were engaged in actively raising the awareness of exporting enterprises regarding credit insurance.
At the end of 2015 the insured credit risks regarding domestic buyers made up 30% of the risk portfolio, that is, EUR 70 million. The volume of credit risks insured with a state guarantee was EUR 23 million, which is 10% of the total portfolio and covered insured buyers from countries outside the European Union. In total, more than 100 Estonian companies have concluded agreements to insure the default risks of their business partners.