Export credit insurance
Export credit insurance can assume the risk of bad debts and provide compensation in the event of non-payment for export business. In foreign markets with different legal systems, it may be particularly difficult to enforce claims. Being able to cover the risks of non-payment therefore creates a good basis for attractive financing through the company’s main bank.
Export credit insurance in Austria is exempt from insurance tax (→ BMF)German text.
Marketable and non-marketable risks
When it comes to insuring export transactions, certain short-term risks are generally considered marketable under EU regulations (unless they are deemed temporarily non-marketable by the European Commission, such as through the "temporary framework: in the current COVID19 outbreak 3.5 short term export insurance"). As a rule, such risks must be covered by short-term export insurance obtained on the private insurance market. All other risks are considered non-marketable and can be covered by export credit agencies. This aims to remove unfair competition.
Marketable risks are defined as:
- commercial and political risks (excluding disaster-related risks)
- transactions with borrowers or guarantors in EU countries and the OECD countries of Australia, Canada, Iceland, Japan, New Zealand, Norway, Switzerland and the USA
- having a risk duration (manufacturing and credit period) of less than 2 years
Boosting the Austrian economy
In order to provide risk cover for exports (one possible instrument for this is export credit insurance), the Österreichische Kontrollbank Aktiengesellschaft (OeKB) generally requires 50 per cent Austrian value added. If an exporter makes a sustainable contribution to employment in Austria and to the positive development of Austria as a business location, an Austrian value added of 25 per cent may, in individual cases, be sufficient. All goods/products for which an Austrian certificate of origin is issued are considered as 100 per cent Austrian added value. When it comes to services, it is not the origin of the goods but the domicile of the service provider that is relevant.
The Oesterreichische Kontrollbank Aktiengesellschaft is an export credit agency in Austria. Its service finder (→ OeKB) offers tailor-made support to the following:
- Austrian SMEs
- large Austrian enterprises
- companies outside Austria
- ECAs (export credit agencies)
- leasing companies
OeKB may provide export services (including export credit insurance) to companies outside Austria, in particular if they:
- are financing a project that encompasses Austrian goods/products, or
- are looking for a credit line for purchases of capital goods from Austria.
In terms of export insurance, OeKB can cover up to 100 per cent of political risk and 95 per cent of economic risk.
Private credit insurance companies
Information on private credit insurance companies in Austria (such as the OeKB subsidiary ACREDIA Versicherung AG, Atradius Kreditversicherung, Credendo Single Risk Insurance AG and Coface Austria Kreditversicherung AG) can be found on the website of the Austrian Insurance Association (→ VVO)German text.
- Covering and financing exports (→ OeKB)
- Private credit insurance (→ OeKB)
- Interest rates for export financing (→ OeKB)
- Online tool for calculating the premium for export guarantees (→ OeKB)German text
- Country information (→ OeKB)
- Export insurance and foreign investment (→ WKO)German text
Responsible for the content: Federal Ministry of Finance