ECGC to offer domestic credit insurance to exporters

New Delhi, Aug 5 (UNI) Export Credit Guarantee Corporation of India (ECGC) has decided to offer domestic credit insurance services to its exporter customers soon.

Stating this here today, Corporation's CMD A V Muralidharan said the scheme has been filed with the Insurance Regulatory and Development Authority (IRDA) for final approval, which is expected anytime.

He said ECGC's free add-on marine insurance cover, introduced from July 1, is finding wider acceptance with its customers, adding it has tied up with the United India Insurance to help its exporter customers in reducing the cost of transaction. This insurance cover from warehouse to warehouse is available to customers opting for ECGC's whole turnover policies.

Mr Muralidharan said ECGC has also introduced a new policy for small exporters with minimal compliance procedure this year.

The 50-year-old Corporation paid a Rs 162-crore dividend to government for 2007-08.

The country's only export credit insurance company earned a net profit of Rs 479.43 crore on a gross premium income of Rs 668.36 crore for providing covers of Rs 4,37,882 crore to exports and export finance in 2007-08, the Commerce ministry said in a statement.

With the addition of Rs 100 crore to its equity base by the government in 2007-08, ECGC's paid-up capital rose to Rs 900 crore, the statement added.

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