Flexible funding and short decision-making processes can be decisive in the difficult economic situation we are currently experiencing.
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At its meeting today, the Federal Council approved a temporary amendment to the Swiss Export Risk Insurance (SERV) ordinance following the economic consequences due to the COVID-19 pandemic. The aim is to enable SERV to help Swiss exporters quickly and easily with its insurance offer, by strengthening their competitiveness and providing them with liquidity. The first aid measures had already been taken in April 2020.
Flexible financing for exporting companies and short decision-making processes can be decisive in the difficult economic situation we are currently experiencing. On the basis of the current ordinance (SERV ordinance) on “Bond” guarantees and manufacturing credit insurances, SERV can only apply higher coverage rates upon reasoned request. This requirement is now removed. It can also cover export transactions with a share of Swiss added value below 50% only in certain circumstances. This share is now reduced to 20% and is insurable without further proof. Thanks to the two temporary measures, namely the increase of the coverage rates without a reasoned request for the guarantees of “Bonds” and for the manufacturing credit insurance and the simplified requirements in terms of added value for all SERV services, exporters can benefit from the corresponding cover more quickly. In addition, they are getting more cash, which increases planning security during this still uncertain post-COVID-19 recovery phase. These measures will come into force from September 1, 2020 and will be valid until December 31, 2022.
On April 17, 2020, SERV had already taken first steps to help the Swiss export sector during the COVID-19 pandemic, in particular by temporarily simplifying internal processes for export transaction requests in order to guarantee faster processing. In addition, it accepts requests for export transactions with a maximum risk duration of up to 24 months in EU Member States, Australia, Iceland, Japan, Canada, New Zealand , in Norway and the United States without prior refusals from private insurers. This modification is also temporary and valid until December 31, 2020.
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