A Total of KRW 238.4 trillion in Support with Record-High Support to SMEs at KRW 76.8 trillion

• Despite deteriorating export conditions caused by the global crisis and increased external uncertainties, K-SURE provided KRW 238.4 trillion in trade insurance in 2022 to promote trade and overseas investment. Especially, our support for SMEs reached an all-time high of KRW 76.8 trillion.

• The trade insurance contract limit was increased. The contract limit was raised from KRW 230 trillion to KRW 260 trillion, which contributed to our record-high underwriting performance in 2022. It also helped to lay a stable and sustainable trade insurance foundation in response to the growing demand for trade insurance in the future.

• A global crisis response system was set up. K-SURE reorganized the Emergency Economic Response Task Force (TF) in order to minimize the damage caused by economic sanctions against Russia and supply-chain disruptions due to the Russo-Ukrainian war. Also, we proactively responded to the global crisis by setting up an emergency support plan for the Russo-Ukrainian war and a scheme to support raw material imports so as to cope with the global supply-chain disruptions.

• A support program for SME exporters according to their respective growth stages was introduced. K-SURE brought in a customized support system to vitalize the growth of exporters by establishing an Export Credit Guarantee (Export Growth Finance) and introducing a Mid-Term Export Credit Guarantee (Pre-shipment) in consideration of the characteristics of exporters’ growth stages and the existing customer’s difficulties.

• The assistance for promising export industries was ramped up. In light of the growth potential of the market and the need for policy support, K-SURE selected secondary batteries and vaccines as promising export industries and established special support programs for all stages of export, including increasing credit limit.

• The support for material, part and equipment manufacturers and new industries was augmented. In order to provide customized support for new industries that change constantly, we strived to broaden the export base in response to supply chain shocks through productivity improvements, such as easing physical collateral requirements for Export Infrastructure Insurance and revising underwriter discounts and surcharges.

• The soundness of the Trade Insurance Fund was improved. K-SURE enhanced the effectiveness of sales-based risk management by analyzing and forecasting the operating balance and strengthening default rate management. And we endeavored to ensure the soundness of the Fund by improving the integrated risk management system and monitoring of risk indicators at all times.

• Claims support for SMEs were strengthened. K-SURE prepared a system for intensive management and prompt claims-paid process about claim-related insurance incidents which are the main cause of delays in reviews for SMEs. We also came up with the Claims-paid Standards for Export Insurance Accidents Related to the Ukraine war to strengthen support for SMEs in reflection of the international situation.

• Efforts were made to boost customer satisfaction. K-SURE set up a customer relationship management (CRM) system for the purpose of systematically managing and utilizing customer consultation information. We also enhanced contact-free customer services provided via customer centers and online channels, and broadened the use of trade insurance by providing customized consulting to each customer.