Korea Trade Insurance Corporation (K-sure) was founded by the Korean government in 1992 to operate export and import insurance programmes for the purpose of facilitating global trade. The export insurance system is a policy tool that indemnifies losses suffered by exporters after the shipment of export goods/services and by financial institutions after providing export financing to exporters.
Broadly, export insurance covers the following:
- the political risk such as war/revolution/rebellion, limitations imposed on importation and foreign currency exchange, declaration of moratorium, etc. in importing countries, and
- the commercial risk such as non-recovery of export proceeds and in the case of export itself, being impossible, due to importer’s poor credit, bankruptcy, refusal to pay export proceeds, etc.
K-sure is growing to provide comprehensive financial support services related with overall trade; from covering the non-payment risk of export proceeds to helping exporters and importers obtain financing needed at the time of procuring raw materials, through to the time of manufacturing until export proceeds are recovered.
K-sure is 100% state-owned with its business volume reaching USD 150 billion last year. In addition, K-sure is also a member of the Berne Union.
The K-Sure delegation that visited the ECIC offices included the following representatives:
- Mr Young-hak Kim (Chairman and President)
- Mr Kyungchul Kim (Head of International Relations)
- Mr Byoung Ho Lee (Representative, Johannesburg Office)
The meeting was hosted by our CEO, Mr Kutoane Kutoane, for the purpose of enhancing mutual cooperation and promoting the trade and overseas investment between the two ECA’s.