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==History==
==History==
Sinosure was established in 2001 by merging the Export Credit Insurance Department of the [[People's Insurance Company of China]] (PICC)<ref>http://www.sino-credit.com/sinocredit/management-en/homepage.htm</ref> and the export credit insurance section of the [[China Export and Import Bank]], as part of China's accession into the [[WTO]]. Financing since 2001 has totaled 290 billion dollars' worth of exports and investments, and 570 billion yuan of lending.<ref>http://www.sinosure.com.cn/sinosure/english/Company%20Profile.html</ref> In 2009 alone, the company insured 116 billion dollars' worth of exports.<ref>http://www.insurancemarketexpert.com/2010/01/chineese-export-credit-insurance-booms/</ref>
Sinosure was established in 2001 by merging the Export Credit Insurance Department of the [[People's Insurance Company of China]] (PICC)<ref>http://www.sino-credit.com/sinocredit/management-en/homepage.htm</ref> and the export credit insurance section of the [[China Export and Import Bank]], as part of China's accession into the [[WTO]]. Financing since 2001 has totaled 290 billion dollars' worth of exports and investments, and 570 billion yuan of lending.<ref>http://www.sinosure.com.cn/sinosure/english/Company%20Profile.html</ref> In 2009 alone, the company insured 116 billion dollars' worth of exports.<ref>{{cite web |url=http://www.insurancemarketexpert.com/2010/01/chineese-export-credit-insurance-booms/ |title=Archived copy |accessdate=2011-06-20 |deadurl=yes |archiveurl=https://web.archive.org/web/20120325223032/http://www.insurancemarketexpert.com/2010/01/chineese-export-credit-insurance-booms/ |archivedate=2012-03-25 |df= }}</ref>


In May 2011, the Chinese government decided to inject 3.1 billion dollars into Sinosure,<ref>http://uk.reuters.com/article/2011/05/26/china-cic-sinosure-idUKL3E7GQ10720110526</ref> as part of its effort to improve the commercial viability of financial institutions.<ref>http://www.newsinsurances.co.uk/blog/asia-china-to-inject-7-3-billion-into-bank-of-china-and-china-export-and-credit-insurance-corporation/016915984</ref>
In May 2011, the Chinese government decided to inject 3.1 billion dollars into Sinosure,<ref>http://uk.reuters.com/article/2011/05/26/china-cic-sinosure-idUKL3E7GQ10720110526</ref> as part of its effort to improve the commercial viability of financial institutions.<ref>http://www.newsinsurances.co.uk/blog/asia-china-to-inject-7-3-billion-into-bank-of-china-and-china-export-and-credit-insurance-corporation/016915984{{dead link|date=August 2017 |bot=InternetArchiveBot |fix-attempted=yes }}</ref>


Sinosure was hit hard by a classical example of political risk in 2011, when the [[2011 Libyan civil war|uprising in Libya]] meant it must pay insurance claims of more than 1 billion dollars by 13 SOEs which had large ongoing investments in the country.<ref>http://en.21cbh.com/HTML/2011-3-10/Sinosure.html</ref>
Sinosure was hit hard by a classical example of political risk in 2011, when the [[2011 Libyan civil war|uprising in Libya]] meant it must pay insurance claims of more than 1 billion dollars by 13 SOEs which had large ongoing investments in the country.<ref>{{cite web |url=http://en.21cbh.com/HTML/2011-3-10/Sinosure.html |title=Archived copy |accessdate=2011-06-20 |deadurl=yes |archiveurl=https://web.archive.org/web/20110726191548/http://en.21cbh.com/HTML/2011-3-10/Sinosure.html |archivedate=2011-07-26 |df= }}</ref>


Sinosure is a member of the [[Berne Union]].
Sinosure is a member of the [[Berne Union]].


==Products==
==Products==
Sinosure offers coverage against political risks, commercial and credit risks. This includes short-, medium- and long-term export credit insurance, investment insurance, bond and guarantee business, debt and capital retrieval business and credit assessment business.<ref>http://www.fdi.net/documents/WorldBank/databases/pri-center_mockup/sinosure.html</ref> Investment guarantees cover political risks such as currency and remittance restrictions, expropriation and nationalization, sovereign breaches of contract and war.
Sinosure offers coverage against political risks, commercial and credit risks. This includes short-, medium- and long-term export credit insurance, investment insurance, bond and guarantee business, debt and capital retrieval business and credit assessment business.<ref>{{cite web |url=http://www.fdi.net/documents/WorldBank/databases/pri-center_mockup/sinosure.html |title=Archived copy |accessdate=2011-06-20 |deadurl=yes |archiveurl=https://web.archive.org/web/20110725094259/http://www.fdi.net/documents/WorldBank/databases/pri-center_mockup/sinosure.html |archivedate=2011-07-25 |df= }}</ref> Investment guarantees cover political risks such as currency and remittance restrictions, expropriation and nationalization, sovereign breaches of contract and war.


Sinosure also provides support for export financing. In March 2011, it reached an agreement with [JPMorgan Chase|J.P. Morgan]] to provide a wide array of financial services to exporters, with Sinosure covering J.P. Morgan's exposure.<ref>http://investor.shareholder.com/jpmorganchase/releasedetail.cfm?releaseid=558424</ref>
Sinosure also provides support for export financing. In March 2011, it reached an agreement with [JPMorgan Chase|J.P. Morgan]] to provide a wide array of financial services to exporters, with Sinosure covering J.P. Morgan's exposure.<ref>http://investor.shareholder.com/jpmorganchase/releasedetail.cfm?releaseid=558424</ref>


Sinosure also covers [[Small and medium enterprises|SMEs]] (since 2005, even those with export volumes of under 2 million dollars a year<ref>http://english.peopledaily.com.cn/200511/24/eng20051124_223607.html</ref>) that are unable to bear the [[political risk insurance|political]] and commercial risks of international trade.<ref>http://fec2.mofcom.gov.cn/aarticle/listofchina/200608/20060802959904.html</ref> The company also provides coverage for foreign investment by Chinese companies, this time most often by large [[State Owned Enterprise|SOEs]].
Sinosure also covers [[Small and medium enterprises|SMEs]] (since 2005, even those with export volumes of under 2 million dollars a year<ref>http://english.peopledaily.com.cn/200511/24/eng20051124_223607.html</ref>) that are unable to bear the [[political risk insurance|political]] and commercial risks of international trade.<ref>{{cite web |url=http://fec2.mofcom.gov.cn/aarticle/listofchina/200608/20060802959904.html |title=Archived copy |accessdate=2011-06-20 |deadurl=yes |archiveurl=https://web.archive.org/web/20110816023929/http://fec2.mofcom.gov.cn/aarticle/listofchina/200608/20060802959904.html |archivedate=2011-08-16 |df= }}</ref> The company also provides coverage for foreign investment by Chinese companies, this time most often by large [[State Owned Enterprise|SOEs]].


== See also ==
== See also ==

Revision as of 03:22, 5 August 2017

China Export & Credit Insurance Corporation (Sinosure)
中國出口信用保險公司(中國信保)
Company typeState-owned enterprises
Founded2001
HeadquartersBeijing, People's Republic of China
Key people
Wang Yi, Chairman
ProductsExport credit insurance
Websitewww.sinosure.gov.cn

China Export & Credit Insurance Corporation (Chinese: 中國出口信用保險公司, commonly known as Sinosure(中國信保) ) is a major Chinese state owned enterprise (SOE) under the administration of SASAC serving as the provider of export credit insurance, in particular coverage for the export of high-value added goods in China.

History

Sinosure was established in 2001 by merging the Export Credit Insurance Department of the People's Insurance Company of China (PICC)[1] and the export credit insurance section of the China Export and Import Bank, as part of China's accession into the WTO. Financing since 2001 has totaled 290 billion dollars' worth of exports and investments, and 570 billion yuan of lending.[2] In 2009 alone, the company insured 116 billion dollars' worth of exports.[3]

In May 2011, the Chinese government decided to inject 3.1 billion dollars into Sinosure,[4] as part of its effort to improve the commercial viability of financial institutions.[5]

Sinosure was hit hard by a classical example of political risk in 2011, when the uprising in Libya meant it must pay insurance claims of more than 1 billion dollars by 13 SOEs which had large ongoing investments in the country.[6]

Sinosure is a member of the Berne Union.

Products

Sinosure offers coverage against political risks, commercial and credit risks. This includes short-, medium- and long-term export credit insurance, investment insurance, bond and guarantee business, debt and capital retrieval business and credit assessment business.[7] Investment guarantees cover political risks such as currency and remittance restrictions, expropriation and nationalization, sovereign breaches of contract and war.

Sinosure also provides support for export financing. In March 2011, it reached an agreement with [JPMorgan Chase|J.P. Morgan]] to provide a wide array of financial services to exporters, with Sinosure covering J.P. Morgan's exposure.[8]

Sinosure also covers SMEs (since 2005, even those with export volumes of under 2 million dollars a year[9]) that are unable to bear the political and commercial risks of international trade.[10] The company also provides coverage for foreign investment by Chinese companies, this time most often by large SOEs.

See also

References

  1. ^ http://www.sino-credit.com/sinocredit/management-en/homepage.htm
  2. ^ http://www.sinosure.com.cn/sinosure/english/Company%20Profile.html
  3. ^ "Archived copy". Archived from the original on 2012-03-25. Retrieved 2011-06-20. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)CS1 maint: archived copy as title (link)
  4. ^ http://uk.reuters.com/article/2011/05/26/china-cic-sinosure-idUKL3E7GQ10720110526
  5. ^ http://www.newsinsurances.co.uk/blog/asia-china-to-inject-7-3-billion-into-bank-of-china-and-china-export-and-credit-insurance-corporation/016915984[permanent dead link]
  6. ^ "Archived copy". Archived from the original on 2011-07-26. Retrieved 2011-06-20. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)CS1 maint: archived copy as title (link)
  7. ^ "Archived copy". Archived from the original on 2011-07-25. Retrieved 2011-06-20. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)CS1 maint: archived copy as title (link)
  8. ^ http://investor.shareholder.com/jpmorganchase/releasedetail.cfm?releaseid=558424
  9. ^ http://english.peopledaily.com.cn/200511/24/eng20051124_223607.html
  10. ^ "Archived copy". Archived from the original on 2011-08-16. Retrieved 2011-06-20. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)CS1 maint: archived copy as title (link)
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