Sinosure

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China Export & Credit Insurance Corporation (simplified Chinese: 中国出口信用保险公司; traditional Chinese: 中國出口信用保險公司; pinyin: Zhōngguó Chūkǒu Xìnyòng Bǎoxiǎn Gōngsī), commonly known as Sinosure (中国信保; 中國信保; Zhōngguó Xìnbǎo), is a major Chinese state owned enterprise (SOE) under the administration of Ministry of Finance of the People's Republic of China serving as the provider of export credit insurance, in particular coverage for the export of high-value added goods in China. Sinosure was established in December 2001 by merging the Export Credit Insurance Department of the People's Insurance Company of China (PICC) and the export credit insurance section of the China Export and Import Bank. Following China's entry into the World Trade Organization, Sinosure was mandated to support Chinese companies' export and overseas business. Financing since 2001 has totaled 290 billion dollars' worth of exports and investments, and 570 billion yuan of lending. In 2009, the company insured 116 billion dollars' worth of exports. In May 2011, the Chinese government decided to inject 3.1 billion dollars into Sinosure, as part of its effort to improve the commercial viability of financial institutions. Sinosure was hit hard by a classical example of political risk in 2011, when the uprising in Libya meant it must pay insurance claims of more than 1 billion dollars by 13 SOEs which had large ongoing investments in the country. Sinosure is a member of the Berne Union. Sinosure is China's policy-oriented insurance company and is a state arm as opposed to a commercial insurer. Firms borrowing from Chinese banks may purchase insurance from Sinosure.