Policy-oriented export credit insurance 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 on Monday, citing the China Export & Credit Insurance Corp (Sinosure).
Insurance coverage contracted by the firm from January to June 2018 reached a value of $290.36 billion, a 12.8 percent growth over the first half of 2017. Insurance payments to clients amounted to $630 million during the same period, up 21 percent year-on-year, the report said.
Insurance export to countries on the B&R routes reached $74.3 billion in the first six months, an 18.3 percent increase year-on-year, comprising 25 percent of the total, the report said, in which experts claim that insurance export would 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 percent of all exports of most large-scale industries, and over 10 percent of exports by small companies.
Sinosure in the first half of the year partnered with 275 banks to facilitate $19.3 billion in loans for Chinese exporters.
Sinosure during this period provided insurance for over 4,000 companies exporting to countries and regions along the B&R routes. In 2017, Sinosure insured a $225 million project to renovate an oil refinery in the Kazakhstani city of Shymkent, according to the Xinhua report.