In the wave of privatization of operating institutions, private insurance companies have provided more new products, which have been welcomed by exporters. Moreover, exporters can obtain trade financing more easily and obtain more risk protection, such as pre-shipment risk, pre-export financing risk, barter trade risk and other special risks. Private insurance companies can also provide insurance for transactions that are not subject to the Berne Accord.
Privatization of operating institutions is welcomed not only by exporters, but also by governments that have been engaged in export credit insurance for a long time. The British Export Credit Guarantee Corporation (ECDG) sold its short-term credit department to a private insurance company in the Netherlands on 199 1, and one of the prerequisites for the partial privatization of short-term credit is that the buyer must carry out political risk business. However, the progress in Europe is relatively slow. For example, in the United States, OPIC provides insurance services to American companies investing in nearly 40 developing countries around the world. Only 1996 provided11200 million US dollars of political risk insurance, an increase of 30% over 1995. These private insurance companies believe that political risk business is not only acceptable, but also attractive. Traditionally, government export credit insurance agencies focus on providing insurance for exporters to promote the development of domestic trade and accumulate foreign exchange, while ignoring the management and dispersion of risks in export credit insurance. This is why many export credit insurance institutions established or authorized by the government have suffered losses year after year and are facing bankruptcy.
Under this pressure, the government repositioned its role in export credit insurance and implemented a series of schemes and measures to improve efficiency. For example, separate the role of developing trade from the role of financing, strengthen the internal information network system to strengthen the understanding of overseas customers and improve the management ability of risk assets, and so on. The repositioning of the government's role is also reflected in the changes in the relationship between the government and private insurance companies. In the early days when private insurance companies appeared, the relationship between government export credit insurance institutions and them was purely competitive. With the development of private insurance companies, the government gradually realized the rationality and necessity of its existence and began to try its best to avoid competition and cooperation. This kind of cooperative relationship is usually divided according to risk sanctions. Generally speaking, political risks and medium and long-term risks are borne by government agencies, and short-term commercial risks are borne by private insurance companies authorized by the government. When it comes to the export of many countries and needs to give each other financing, the government and private insurance companies often become partners. The scope of cooperation between the government and private insurance companies is getting wider and wider, and it has developed into a unified arrangement by well-organized institutions. Under the general trend of trade globalization and financial globalization, export credit insurance services are also being internationalized. Before 1980s, EU's export credit insurance business was almost completely confined to the domestic market. After recognizing the particularity of export credit insurance, the European Commission issued a separate decree as part of the 1992 single market reform. The law allows credit insurance companies registered in member States to conduct business within the EU. The EU credit insurance market has become a well-functioning regional insurance market.