This is GIEK Kredittforsikring
The Norwegian Guarantee Institute for Export Credits (GIEK) has covered Norwegian exporters' short-term credit risk since 1922. Since 2001, this activity has been organised in a wholly owned subsidiary: GIEK Kredittforsikring (GIEK Credit Insurance). In December 2014 the ownership of GIEK Kredittforsikring was transferred from GIEK to the Ministry of Trade, Industry and Fisheries.
Our goal is to be an essential partner for Norwegian exporters. We provide insurance against losses on short-term credits (up to 2 years) from foreign as well as Norwegian buyers. Our customers can also insure their pre-delivery risk through our contract insurance (single risk). This policy covers accumulated production costs up to delivery takes place. After delivery the transaction is protected through the credit insurance. It is a condition that the risk period (production period + credit time) does not exceed 2 years. Risks exceeding 2 years, (e.g. delivery of capital goods) may be covered by GIEK. GIEK is a financial institution working on behalf of the Norwegian government.
GIEK Kredittforsikring works closely with GIEK. We are covered against political and commercial risks outside the OECD countries through a reinsurance agreement with GIEK. Risks within OECD countries are covered through a reinsurance agreement in the private market.
We underwrite exports to over 150 countries of all types of goods and services. We specialize in small and medium sized businesses, but we also provide insurance to larger corporations and groups.
We cover your credit risk so that you can concentrate on what you know best: production, product and market development. We do the job underwriting your buyers. As a customer of GIEK Credit Insurance Ltd., your company will be insured against losses arising from the non- payment of invoices. A credit insurance policy will increase your company's financial security as well as the jobs in your company. It may also make financing easier and less expensive.
Cover both in and outside of Norway
Our focus is on export, but we are also able to insure domestic credit sales for our Norwegian clients. Our insurance policies are flexible and can be adapted to the company's needs. By securing your company against losses on receivables, you will have a competitive advantage in the international market.
Our underwriters have expertise in different markets and lines of business. This gives our customers better service and reduces the risk for losses. We are a small organization, but have an efficient decision-making process.
Close contact with our customers
As a customer of GIEK Kredittforsikring, you will be in close contact with your representative. We regard close customer contact not only as good service, but also as a pre-emptive measure to prevent losses. By knowing our customers we increase our ability to understand risk, and to adapt our service in accordance with our customer's needs.
In contact with the marked
We think it is very important to also meet buyers abroad. The impressions from these meetings enable us to increase competency, and adds to our ability to improve customer service. As risk varies between different lines of business, we also value visits to trade expositions in and outside of Norway.
Your GIEK Kredittforsikring representative will provide counsel and information related to your credit exposure. You will also be able to use our lawyers and our network in collecting receivables from your customers in a default situation.