CAF sponsors meeting of Andean Insurance Companies.

(Caracas, November 15, 1988).- The I Meeting of Export Credit Insurance Companies in the Subregion was held in Caracas with CAF sponsorship. The conclusions of the Meeting were: prepare a study to standardize some basic aspects of the use of Andean export credit policies; offer technical assistance to Bolivia and Ecuador to create this insurance; analyze if an Andean insurance system is desirable, or if strengthening relations between reinsurers in the subregion is sufficient; and promote a system for exchanging valid and updated information on clients and users of the Andean insurance system.

The meeting was attended by representatives of insurance companies from Bolivia, Colombia, Ecuador, Peru and Venezuela. Participants exchanged experiences on export credit insurance, detecting problems which hinder their operation in the Andean area and finding suitable formulas for their implementation in Ecuador and Bolivia, countries which do not yet have this type of insurance.

Export credit insurance plays an outstanding role in export promotion and exploiting opportunities. A well managed and operated scheme can eliminate obstacles which handicap the commercial potential of Andean countries. Specifically, CAF’s idea is that exchanges and mutual support between this group of experts could lead to the adoption of more flexible and effective mechanisms.

The meeting - held in the CAF headquarters on November 10 and 11 - was chaired by Ignacio Soloaga, general manager of La Mundial, CA. Venezolana de Seguros de Crédito.

The specialists discussed topics such as the nature of management, volumes and nature of cover, risks covered, reinsurance and premium costs, emphasizing the reinsurance system, point on which important comments were made