The Berne Union, also known as The International Union of Credit & Investment Insurers, is an international non-profit association and community for the global
export credit
An export credit agency (known in trade finance as an ECA) or investment insurance agency is a private or quasi-governmental institution that acts as an intermediary between national governments and exporters to issue export insurance solutions ...
and investment
insurance
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge ...
industry.
The association provides a forum for professional exchange among members, as well as promoting constructive engagement in collaborative projects with external stakeholders from across the wider trade finance industry, including banks and financiers, regulators and policy setters, traders, academics and other associations. Its mission is to actively facilitate cross-border trade by supporting international acceptance of sound principles in export credit and foreign investment.
Membership
As of January 2017, the Berne Union represents 84 member companies from 73 countries worldwide. These include government-backed official
export credit agencies
An export credit agency (known in trade finance as an ECA) or investment insurance agency is a private or quasi-governmental institution that acts as an intermediary between national governments and exporters to issue export insurance solutions ...
, private credit and
political risk insurers and multilateral institutions. In 2016, Berne Union members collectively provided payment risk protection to banks, exporters and investors amounting to US$1.87 trillion. This total business volume represents cover of approximately 11% of total world cross border trade for goods and services, as recorded by
WTO
The World Trade Organization (WTO) is an intergovernmental organization that regulates and facilitates international trade. With effective cooperation
in the United Nations System, governments use the organization to establish, revise, and e ...
figures.
Since the beginning of the
global financial crisis
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* ''Global'' (Paul van Dyk album), 2003
* ''Global'' (Bunji Garlin album), 2007
* ''Global'' (Humanoid album), 1989
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in 2008, Berne Union members have paid claims of approximately US$60 billion.
History
The Berne union was founded in 1934 by private and state export credit insurers from France, Italy, Spain and the UK. The first meeting was held in
Bern
german: Berner(in)french: Bernois(e) it, bernese
, neighboring_municipalities = Bremgarten bei Bern, Frauenkappelen, Ittigen, Kirchlindach, Köniz, Mühleberg, Muri bei Bern, Neuenegg, Ostermundigen, Wohlen bei Bern, Zollikofen
, website ...
e, Switzerland – which is where the name Berne Union comes from. While Berne is still the legal domicile of the Union, it has not met there since 1939.
Notable milestones include:
* An expanded mandate in 1974, to include members who insure foreign investments
* Creation of the ''
'Prague Club in 1993, designed to support new and maturing export credit agencies and insurers setting up and developing export credit and investment insurance schemes
* In 1999, the export credit members formed two committees, focusing on short term and medium/long term export credit business
As of 2017, the modern Berne Union is structured around four committees, representing these two export credit groups (short term and medium/long term) along with an investment insurance committee and the so-called Prague Club Committee (PC), which was formally integrated in May 2016, having been a legally separate, but closely associated entity prior to this.
Governance
The Berne Union is led by the President, Vice President and a Management Committee, with each elected position held for a term of two years. The Management Committee are supported by a permanent Secretariat, led by the Secretary General and based in London, in the United Kingdom.
The Current President is Ms Michal Ron, Chief International Officer of
SACE - Italy's Export Credit Agency. She was elected in October 2020, for a term of two years.
Current Vice President, Ms Christina Westholm-Schroder, Senior Vice President and Chief Underwriter
Sovereign Risk Insurance, based in Bermuda - was elected in September 2019, and reconfirmed in October 2020.
Mr Vinco David was appointed Secretary General of the Berne Union in November 2016, with effect from March 2017.
Activities
Members of the Berne Union meet twice per year for the Spring General Meeting (in April/May) and the Annual General Meeting (in October / November). Throughout the year a further 5-6 meetings take place on specialist topics such as: claims and recoveries, country risk, project finance, reinsurance, data reporting etc.
Current Berne Union Members
References
External links
Berne Union websiteThe Berne Union: An OverviewCongressional Research Service
The Congressional Research Service (CRS) is a public policy research institute of the United States Congress. Operating within the Library of Congress, it works primarily and directly for members of Congress and their committees and staff on a c ...
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Insurance industry organizations
Organisations based in Bern
Trade associations based in Switzerland