Zurich’s North American Credit and Political Risk group has joined eight other insurers to underwrite a trade credit policy that will allow the International Finance Corporation (IFC) to expand its emerging market trade transactions by more than $500 million.
The new trade credit and credit insurance policy was brokered by Marsh Inc. The policy will underwrite IFC’s Global Trade Finance Program (GTFP), which extends and complements the capacity of banks to deliver trade financing in emerging markets where trade credit are difficult to obtain. The policy helps protect IFC against the risk of default by a local bank.
“With this is agreement, Zurich is able to review and underwrite a large number of risks located in challenging countries to support our clients,” said Anne Marie Thurber, head of Zurich Credit and Political Risk in North America.
The policy covers more than 50 banks in Afghanistan, Armenia, Azerbaijan, Bangladesh, Belarus, Brazil, Bulgaria, China, Ghana, Honduras, Jordan, Kazakhstan, Kenya, Lebanon, Madagascar, Moldova, Nepal, Nigeria, Pakistan, Panama, Paraguay, Russia, Senegal, Turkey, Ukraine, Vietnam and West Bank and Gaza.
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