Berne Union
A global association founded in 1934 that brings together public export credit agencies, private insurers and multilateral institutions, and serves as a forum for exchange on political and commercial risk.
The Berne Union, formally the International Union of Credit and Investment Insurers, is the global trade association of the export credit and investment insurance industry. Founded in Bern in 1934, it now has about eighty members: public export credit agencies, specialist private insurers and multilateral institutions. It insures nothing itself. Its role is to organize the exchange of information among members on countries, buyers and claims, to publish business and claims statistics that are the only overall view of the market, and to develop common principles of good practice. For the political risk underwriter, it is a first-rank source: its claims statistics by country show where risk actually materializes, and its meetings are where the collective view of a country takes shape before it shows up in market terms. It differs from the OECD Arrangement, which sets binding rules for public support, whereas the Berne Union issues only voluntary principles.
Founded in 1934 by British, French, Italian and Spanish credit insurers to harmonize their practices, the Berne Union publishes each year the amounts of trade and investment covered by its members, counted in trillions of dollars, and the claims they paid, broken down by debtor country.
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