China Export and Credit Makes Gains in Fujian Province

China Export and Credit Insurance Corp. (Sinosure) [77801] recorded year-on-year growth of 11.12% in coverage on export trading in southern China's Fujian province in November, according to China's insurance regulator.

Among the total coverage, short-term export insurance provided more than US$2.88 billion in coverage on product exports, up 154.32% from the correspondent period of 2008, said the China Insurance Regulatory Commission.

By the end of November, the CIRC said Sinosure had 233 newly added insured enterprises, for total insured enterprises of 445, with a year-on-year growth of 109.91%.

Sinosure reported actual paid indemnities of US$4.64 million. It provided corporate financing services of 2.57 billion yuan (US$376 million) by the end of November, representing year-on-year growth of 170.56%.

According to the CIRC, Sinosure has supported domestic enterprises in six main industries, including textile and garments, light industry products, shipbuilding, electric machinery, agricultural products and high technology in Fujian through its domestic branch since 2009.

The regulator said Sinosure recorded "substantial" results through innovative underwriting methods, innovative products, enhancing service efficiency, expanding sales channels.

(By Rebecca Ng, Hong Kong news editor: Rebecca.Ng@ambest.com)