New Challenges of Export Credit Insurance in Current Economic Situation

Currently, the world stands in the economic crisis and decline in economic efficiency was recorded also in the Czech Republic. The Czech Republic adopted anti-crisis measures in response to inhibiting growth. The Czech economy is export-oriented and so the measures are aimed mainly to the elimination of risk in the context of export. The Czech Republic wants to help increase exports by means of state institutions which are Export Guarantee and Insurance Corporation, Inc. (thereinafter "EGAP") and Czech Export Bank, Inc. (thereinafter "CEB"). Credit insurance market is today one of the important segments of domestic, European and world insurance market. As most economies face downturn as well as does the international trade, credit insurance is used intensively, mainly the state supported part. To overcome the current problems of the financial crisis, the state increased basic capital of CEB and increased insurance capacity of EGAP, as well temporarily increased the insurance coverage and increased the proportion of state participation in the insurance of export risks. One of the impacts of global crisis on the activity EGAP was also offered cheaper products, introduction of new products and modifications to some existing insurance products. The system of state support of export and the link between EGAP and CEB result from the principles that collectively included in the OECD Consensus. EGAP and CEB occupy an important positions in the export policy of the Czech Republic and therefore is expected their involvement in the support of Czech exports in the future.