Preliminary results 2009

Friday, 29. January 2010

EGAP concluded 349 insurance contracts and insured export credits, bank guarantees and investments in foreign countries in a record volume of CZK61.8 billion in 2009. Including multiplication effect of newly concluded contracts, primarily of contracts for insurance of bank guarantees, EGAP insured the Czech export worth more than CZK 170 billion. This result reflected in the first place increased interest in insurance in connection with the global financial crisis together with EGAP's anti-crisis measures, lowering of the self-retention of insured clients being in the front of them.

Almost 40% of newly concluded insurance contracts cover risks related to the Czech export to the Russian Federation. Deliveries to the Magnitogorsk Metallurgic Combine undergoing extensive modernization belonged among the largest exports.

From the point of view of individual insurance products, EGAP concluded the greatest number of contracts for insurance of export buyer credits extended by a bank of a Czech exporter to a foreign buyer or to the foreign buyer's bank. This type of insurance got a share of nearly one half of the total insured volume.

EGAP insured with state support the export credits, bank guarantees and investments in foreign countries amounting to more than CZK410 billion for the whole duration of its activities (1992 - 2009).