KEIC, the official export credit insurance agency in Korea, was established in July 7, 1992 with the aim of facilitating and promoting national exports, which is a vital component of the Korean economy and Korean exporters’ overseas business activities, by insuring and providing guarantees against political and commercial risks.

As a wholly state-owned corporation under the policy guidance of the Ministry of Commerce, Industry and Energy, its insurance policy and guarantee carry a full faith and credit of the Korean government.

KEIC provides export credit insurance to Korean exporters against non-payment risks by buyers, and guarantee banks that provide export financing and issue bonds for exporters. It also covers war/civil disturbance, expropriation, inconvertibility and breach of contract risks connected with new investment overseas.

Since its inception, KEIC has steadily expanded its business. In 2002, business underwritten was 42,055 billion Won, representing close to 18.7% of total Korea’s exports.

Our Expertise

Overseas Investments Insurance Policy

KEIC’s goal is to facilitate and promote Korea’s overseas transaction by providing export credit efficiently. KEIC accomplishes this objective in several ways: It assumes the commercial and political risks that general marine insurance can’t cover with the principle of long term financial break even, it assists exporters to compete on a level playing field with competitors assisted by government-supported foreign export credits, and provides leadership and guidance in export financing, especially for small and medium-sized Korean exporters.

International Relations Team
12th Floor, Seoul Central Bldg.
136 Seorin-Dong
Jongro-Ku, Seoul
Korea 110-729

Tel. +82-2-399-6800/1
Fax. +82-2-399-6597

www.keic.or.kr

CONTACTS

askkeic@keic.or.kr

HISTORY

The Export Insurance Act, as decreed in 1968, authorized the government to initiate an export & investment insurance scheme, whose management was entrusted to the Korea Reinsurance Corporation in 1969. The authority to carry out the scheme was transferred to Korea Eximbank on January 1, 1977, which operated it on behalf of the government until July 7, 1992, when the Korea Export Insurance Corporation (KEIC) was established and assumed sole responsibility.

KEIC has 12 domestic branches and 6 overseas representative offices (Los Angeles, Beijing, Sao Paolo, Paris, Shanghai, Hochiminh), with a total 333 staffs.