Exporters get Rs 1,122 crores in claims

ECGC paid out record claims of Rs 1,122.84 crores to Indian exporters and financing banks during FY 2015-16 in the wake of continuing global economic recession and uncertainties.

Of this, Rs 127.32 crores on 439 claims was paid to exporters under direct policies and cover worth Rs 995.52 crores to financing banks on 172 claims..

Geetha Muralidhar, chairman and managing director of ECGC, attributed the financial losses suffered by exporters in the last three years to the global economic slowdown and resultant failure of a large number of overseas buyers due to the European crisis, slowdown in China, and fall in crude prices.

Despite this, Ms Mural-idhar said, ECGC earn-ed a profit before tax of Rs 387.35 crores after making adequate provisions for pending claims and as per IRDA guidelines in respect of impending risks on March 31,2016.

As regards policy business, ECGC underwrites risk on 237 countries of the world and maintains records of about one lakh active buyers all over the world.

During the FY 2015-16, ECGC added 18,278 new buyers to its database and covered gross risk value of Rs 1,35,872 crores under its short-term policy schemes for export-ers during FY 2015-16.

For exporters to Vietn-am, Cambodia, Nepal, Argentina and Brazil, ECGC issued 21 policy covers to exporters.