BU members reflect on a prodigious year for new business in 2023, despite an increasingly fractious risk environment

Innovation, technology and opportunities in the green transition in focus as BU members reflect on a prodigious year for new business in 2023, despite an increasingly fractious risk environment

OSLO, 24^TH APRIL 2024 – A global delegation of over 250 participants representing 89 export credit agencies, multilateral institutions, credit insurers, banks and corporates gathered this week in Oslo for the Spring Meeting of the Berne Union (BU). 

A huge year for export credit with BU members providing over USD 3 trillion new support for cross-border trade in 2023, with expansion across business lines
- Largest year for MLT business since 2015, with a 40% increase to over USD 165 billion, following strong growth

Climate and the green transition is the number one driver of new opportunities
- Record USD 20.5 billion in reported new commitments for renewable energy across 68 countries in 2023. This is more than double the volume of 2022, and four times that of 2019. BU members have provided USD 51 bn cumulative cover in this sector since 2019.

Members are attuned to a heightened political risk environment, with both sovereign defaults and corporate insolvencies driving an uptick in claims
- Over USD 9 bn claims paid, with a significant spike in MLT political claims in the first half of the year following a distressed period for sovereign debt, which abated through the second half of the year.

For more info, contact the Berne Union Secretariat

T   +44 20 7841 1110

E   bu-sec@berneunion.org

W  https://www.berneunion.org