Assessing the Consequences of Global Financial Crisis in the System of Credit Risks Insurance

Considering the global financial crisis, the paper highlights the importance of the export credit insurance provided both on a commercial basis and with the state support. The main scientific objective of this paper is to analyse the export credit insurance on the Czech insurance market including the assessment of ECA's activities for the selected time period with respect to the changes in the territorial structure and the volume of insurance exposure. At first, the method of description is used to define risks in exports of goods and services. The paper deals with the market penetration of export credit insurance, changes of the market structure and also with defining the largest credit insurance companies operating in this specific market including the determination of their market share. It analyses the development of the volume of insured exports and risk exposure. The analysis of the development of the Czech credit insurance market is concentrated to the insurance companies EGAP and KUPEG, whose market share together is 84%. This method allows to divide the analysis for the short-term insurance (KUPEG) and medium- and long-term insurance (EGAP). Finally, the paper focuses on actions taken in the connection with the consequences of the global crisis.