Funded by Chinese government, Sinosure is a state-run policy-oriented insurance corporation with an independent legal person status, established for promoting China’s foreign trade and economic cooperation. It began operations on December 18, 2001. Presently SINOSURE has formed a nationwide service network. The primary mission of Sinosure is to support China’s diplomatic, foreign trade and economic, industrial, and financial policies to promote Chinese exports of goods, technologies and service, especially high-tech and high value-added capital goods like electromechanical products, and national enterprises’ overseas investment, by means of export credit insurance against non-payment risks. Since SINOSURE’s foundation, the role of export credit insurance in supporting China’s foreign trade and economic cooperation has become more and more evident. Especially in the time of financial crisis, it served as leverage in stabilizing foreign demands and driving export deals. SINOSURE’s policyholders were greatly helped in competing for orders and preserving their market share. By the end of 2013, SINOSURE has supported export, domestic trade and investment with a total value of USD 1484.65 billion. In the meantime, SINOSURE has facilitated the lending of CNY 1.8 trillion by 190 banks.
Operational procedure of Sinosure:
Obtain guarantee form warrantors → Conclude the contract with Sinosure →apply for credit limit →declare the shipment →inform Sinosure of possible loss →claim for compensation →assess the loss →settle the claims
Insurance rate of Sinosure：
Insurance rate depends on the risk category of the importing country, payment methods and credit terms with a range floating from 0.4% to 0.5%.Generally speaking, the lower risk an importing country has， the lower risk the payment method is ，and the shorter the credit term, the higher the insurance rate and vice versa.
