Over 300 senior executives from the Berne Union (BU), consisting of 83 members from 73 countries, gathered in Paris for the Annual General Meeting from 16 to 18 October, 2018. OeKB was one of the participants exchanging views on current export projects and underwriting techniques.
BU Annual General Meeting
Half-year results show stable business despite the uncertain environment for international trade and investment:
- USD 1,640 bn aggregate credit limits (short term business)
- USD 88 bn new export credits (medium/long term business)
- USD 19 bn cover provided for foreign investments
These figures are comparable to results from the previous period and indicate members insured again 13% share of global cross-border trade. The biggest increase in volume was largely concentrated in East Asia and the fastest growth was seen in North Africa.
Currency and debt crises in Venezuela and Turkey contribute at the same time to high levels of defaults. Total claims paid in the first half of the year was 2.65 bn USD.
At the meeting, members addressed prevailing business trends, such as the threat of trade wars, sanctions and the future of the European Union.