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    AS KredEx Krediidikindlustus made starting an export business easier for Estonian companies

    As of this year, Estonian companies with small export volumes and those taking up exporting have an opportunity to obtain more convenient insurance against business risks related to foreign partners. With an online calculator designed by AS KredEx Krediidikindlustus, small enterprises can now easily find out the estimated cost of insuring individual export transactions against nonpayment and conclude an insurance policy to protect themselves against such risk.

    According to Meelis Tambla, the CEO of AS KredEx Krediidikindlustus, a state insurance company that offers credit insurance solutions to Estonian enterprises, such tools have not been previously available for small enterprises in Estonia. “So far, companies with small export volumes or those just taking up exporting had only limited and rather costly options for obtaining insurance for individual export transactions.” Tambla also said that small enterprises now have a chance to insure 85 per cent of their transaction value against their clients’ possible payment difficulties. Concluding an insurance policy would only cost an approximate 200–300 euros in the case of a 10,000 euro transaction.

    Preventing unexpected losses and increasing competitiveness in international trade

    With the new insurance solution introduced this year, companies taking up exporting could enter new export markets with greater confidence and protect themselves against unexpected losses caused by their clients’ payment difficulties. For instance, an Estonian exporting company who wishes to sell goods or services to a foreign company on credit terms, should consider obtaining credit insurance from KredEx Krediidikindlustus for such transaction. When the foreign client fails to make payments, exporter will not have to cover the costs of the failed transaction alone. In addition, with help of credit insurance, exporters are able to offer more flexible payment terms to buyers, which is especially vital in countries where longer payment terms are a common practice. This enables Estonian companies to remain competitive.

    “We have designed our credit insurance to fit the needs of both large and small enterprises. Our goal is to encourage them to become active on foreign markets and to grow their businesses. A 2015 survey of the needs of entrepreneurs, conducted by the Ministry of Economic Affairs and Communications found that it is especially small enterprises that need better access to credit insurance for smaller transactions,” said Tambla explaining the background to facilitating the insurance process.

    Insuring for a few hundred instead of thousands

    “Until recently it was common for exporting companies to obtain credit insurance from foreign insurance companies by having to pay at least a few thousand euros as minimum for their insurance cover. Now it is also possible to obtain credit insurance for individual and smaller transactions, with the minimum cost of the insurance policy being a few hundred instead of thousands of euros,” Tambla said. At the same time, he also emphasized that the exact insurance cost depends on a number or variables, such as the country the buyer is based in, for example.

    “According to recent statistics, about 98 per cent of Estonian enterprises are small enterprises. They now have a chance to obtain credit insurance more easily, and therefore could expand their business more confidently on new markets and increase their sales volumes,” Tambla said.

    Online tools for choosing the best solution

    Companies are welcome to use an online calculator to get an estimate for the cost of the credit insurance for their goods shipped to a foreign country. “To get a quote for the insurance cost for their export transaction, companies can now use the online calculator on the website of AS KredEx Krediidikindlustus, All you need to do is enter the recipient’s country, the amount on the invoice and the terms of payment they wish to state on the invoice. Based on this information, the estimated cost of the insurance policy will be calculated, and if the price is acceptable, buyer financial situation is evaluated and an insurance policy can be concluded,” said Tambla describing the process.

    According to AS KredEx Krediidikindlustus, foreign business partners often request longer terms of payment than are common in Estonia. “Although this poses a credit risk for companies – putting the receipt of money on hold, with no guarantee of payment – many small enterprises in Estonia decide to abandon such transactions altogether. Credit insurance obtained for the transaction gives companies security that even if the invoice is left unpaid, the insurance company will reimburse resulting losses,” Tambla said.

    For further information on the credit insurance solutions offered by AS KredEx Krediidikindlustus, please visit

    AS KredEx Krediidikindlustus provides insurance against credit risks and offers exporters an opportunity to obtain insurance against losses caused by unpaid invoices.

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