TCI State support schemes in a nutshell (as on 23/07):« Back to Previous Page

In Europe On March 27, the European Commission decided to consider all countries listed in the Annex of State Aid framework (27 Member States of the EU and 9 countries part of the OCDE) as temporarily non-marketable and to remove all countries from the list of “marketable" countries until 31 December 2020. This provides legal framework for individual Member States actions. Most advanced governments are: · France with CAP/CAP+/CAP export scheme agreed, in a decree published on April 06, with State guarantee of EUR 10B for domestic and EUR 5B for export, additional reinsurance scheme “CAP Relais” signed and activated on June 11. · Germany with a reinsurance solution approved by the European Commission on April 13, signed on April 15 with up to EUR 400B in exposure, EUR 30B indemnification in 2020, · Denmark with CAP export solution agreed on April 06, and an additional “German-like” scheme validated by the European Commission on May 15, · Belgium with a Quota Share scheme communicated on April 22 by Belgian government and credit insurers and approved by the European Commission on May 18, · The Netherlands with a reinsurance scheme signed by the government on April 24 and approved by the European Commission on May 25, ·Norway with a reinsurance scheme internally validated in June, officially announced on June 24 by the government · Luxembourg with a reinsurance scheme announced on July 1 · Italy with a decree published on May 19 confirming the set-up of a TCI dedicated scheme, and internal approval on a quota-share scheme on June 29, pending final signature and EC approval · The UK with a reinsurance scheme to be signed shortly, government offering via ABI a QS scheme, currently under final discussions before signature ·Poland with a reinsurance scheme internally validated on June 9, pending final agreement with local government before announcement ·Romania with a reinsurance scheme pre-approved internally on June 2 (following RFC addressed by the Romanian State on May 29) and announced by the government without further engagement since · State support scheme proposed by the Spanish government refused. Other government proposal not excluded. Other than that: · Slovakia pending government approval · No recent additional developments in Czech Republic and Bulgaria, · Austria and Switzerland have initiated discussions around « German-like » schemes; no positive outcome expected at this stage. Outside of Europe · A Trade Partnership Insurance scheme (CAP like) is in place in Canada, · A top-up cover (CAP like) agreement has been set-up in New Zealand, · For APAC, discussions held since end May in Hong Kong via HKIA (regulator) and in Singapore with MAS (regulator), not expected to conclude on dedicated scheme implementation · A top-up cover program has been signed in Israel with ICIC (Israel Credit Insurance Corporation), maximum liability of the Government in the sum of USD 250mn · US actively discussing to push for a state support scheme, joint-communication issued last week with main credit insurers · Other countries in Latam are implementing economic stimulus package which could positively impact credit insurers activity; without credit insurance specific measures so far.