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Any economy depends on its home-based export industry to build and maintain it's foreign exchange reserves. As economies the world over turn towards liberalisation and open up their markets, markets will get more and more competitive. The export industry is a major contributor to India's foreign exchange reserves since the only other sources are remittances from NRIs and foreign-direct investments (FDIs). Together, NRI remittances and FDIs provide less than 20 percent of India's foreign exchange reserves.
As an exporter, one of the options available to you is an Office Umbrella insurance policy since it protects your premises and your interests from loss or damages arising from most major perils. Yet, after November 2000 when insurance companies from overseas start peddling their products and services within the Indian insurance market, we suggest that you immediately invest in Credit Risk insurance.
Credit Risk insurance offers unparalleled advantages if you understand how to implement it to your benefit. As competition increases, you have to constantly strive to meet your clients' capital requirements. If you are able to maximise your capital availability, then you will always win.
But then you have to be able to provide your full capital availability without compromising on your internal credit guidelines. You can win almost every competitive situation if you are able to offer a more attractive program than your competitor. Credit Risk insurance can solve specific risk issues when lending and borrowing arrangements have to be structured for your clients. Most of the overseas insurance providers also arrange for collections and bankruptcy litigation at fairly competitive rates too.
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