Commenting on the appointments, Wilfried Verstraete, chairman of the Euler Hermes Board of Management, said “As a leading and dynamic multi-product hub, ASEAN is a key part of our growth strategy. China’s large-scale credit insurance market has significant growth potential. As well as being the second largest economy, China is the largest exporter in the world since joining World Trade Organization (WTO) in 2001. With the roll-out of its Belt and Road Initiative, and the fact that more Chinese companies are becoming global in reach, the need for credit protection is expected to rise considerably. Building on this opportunity, these appointments will help reinforce our market leadership and deliver our promise to be the most trusted insurer for our clients and partners across the region.”
Euler Hermes established the joint venture CPPIC Euler Hermes with China Pacific Property Insurance Company in 2016. CPPIC is the third largest Property & Casualty (P&C insurer in China, and is one of the few to offer export credit insurance in the country.
The joint venture is a joint commitment of the two companies to help Chinese companies navigate challenges they face when they venture into new markets.