Swiss Export Risk Insurance SERV: Federal Council increases the coverage ceiling
Bern, 14.12.2018 - SERV has seen a strong increase in demand from businesses for cover, especially for major transactions. This led the Federal Council to decide on 14 December to increase SERV’s coverage ceiling by CHF 2 billion to CHF 16 billion. All sectors of the Swiss economy can benefit.
SERV is important both for the support it gives to SMEs and for the implementation of large-scale infrastructure projects by Swiss exporters in developing and emerging countries. The strong demand should lead to a corresponding increase in insurance cover for Swiss exporters in the first quarter of 2019. To ensure that SERV can continue to meet the needs of the businesses, the Federal Council has decided to increase SERV’s coverage ceiling immediately by CHF 2 billion to CHF 16 billion. The coverage ceiling represents the maximum scope of SERV’s insurance obligation. The demand for SERV cover is broadly diversified and includes the sectors of power generation and distribution, rolling stock and railway technology, machine construction, engineering, electronics, chemicals and pharmaceuticals, and metal processing.
SERV achieved a net profit of CHF 69.8 million in the 2017 financial year. In the eleven years since it was set up, SERV has increased its equity capital by CHF 740 million from CHF 2,028 billion to CHF 2,768 billion thanks to the profits it has made. SERV has thus significantly increased its risk-bearing capacity on its own initiative, and has a strong equity base.
SERV’s legal objectives are to preserve and create jobs and to promote Switzerland as a location for business by facilitating the participation of Swiss exporters in international competition.
Address for enquiries
Martin Gisiger, SECO, Deputy Head
Export and Investment Promotion
Tel. 058 / 469 60 12, martin.gisiger@seco.admin.ch
Publisher
The Federal Council
https://www.admin.ch/gov/en/start.html
Federal Department of Economic Affairs, Education and Research
http://www.wbf.admin.ch
