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Insurance claims against export receivables rise sharply
Mar '09
Mr. Lu Dong, Assistant General Manager of Shanghai Branch of China Export & Credit Insurance Corporation (SINOSURE), said that claims processed for not having received payments by Chinese exporters have risen sharply in the last few months of 2008 and that these claims were from many countries across all continents.

According to data with SINOSURE, the total amount of claims settled for not receiving payments in 2008 from the US touched US $156 million, an increase of 150 percent y-o-y and for those from the European Union touched $170 million, an incredible increase of 206 percent.

According to the official from the Shanghai branch, the claims in the past pertained to low-value, low on technology and mass produced products such as textiles and clothing, but the trend has now shifted to even high technology content and high-value products like auto parts, furniture, chemicals etc.

Hw further claimed that as per the 2008 data, the default rate of buyers from across the world who purchase Chinese products has increased by near 200 percent and the actual total amount of indemnity has increased by 209 percent and added by saying that claims have risen very sharply in January 2009 too.

Fibre2fashion News Desk - China

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