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02.05.2024
The members of the Berne Union (BU) looked back on a successful 2023 at the Spring Meeting. In an increasingly challenging risk environment, the export credit insurance industry supported more than USD 3 trillion in cross-border trade.
The main topic at this year's Spring Meeting was “Innovation” in its various forms - covering topics ranging from technology to new and innovative products and how the export credit insurance industry is adapting to a swiftly changing global environment. The meeting coincides with the release of BU industry data for 2023, which confirms an unprecedented expansion of new business in support of cross-border trade and investment.
Important results at a glance
- BU members provided over USD 3 trillion new support for cross-border trade in 2023, with expansion across business lines. It was the largest year for medium-/long-term business since 2015, with a 40% increase to over USD 165 billion. Main drivers behind this development were strong growth in manufacturing and infrastructure sectors in addition to top sector transportation and a continuing rapid growth in renewable energy investments.
- Climate and the green transition is the number one driver of new export- and investment-opportunities. BU members have already provided USD 51 billion in cover for this sector since 2019. Last year, new commitments for renewable energy projects reached a record USD 20.5 billion across 68 countries. This is more than double the volume of 2022.
- Geopolitical risks and armed conflicts have become an increasing concern for members. Over USD 9 billion claims were paid in the first half of the year with a significant spike in MLT political claims. Both sovereign defaults and corporate insolvencies will continue to an uptick in claims.
BU Spring Meeting
A global delegation of over 250 participants representing 89 export credit agencies, multilateral institutions, credit insurers, banks and corporates gathered in mid-April in Oslo for the Spring Meeting of the Berne Union (BU). The attendees discussed about current business developments, the challenges by rising geopolitical risks and the green transformation as the most important driver for new opportunities.
About Berne Union (BU)
The Berne Union is the international association of export credit and investment insurers. The more than 80 members collectively provide payment risk protection equivalent to approximately 12% of annual world trade. OeKB has been a member of the BU since 1954. In the BU, OeKB represents the interests of the Austrian export industry.