Angola tops the list of countries for insurance on Portuguese exports

20 February 2014

Angola ranks first in the countries for which Portuguese businesspeople take out insurance to guarantee their exports outside of the OECD, according to figures published Wednesday by Cosec, an insurance company specialising in exports.

In the statement, which announces the extension of the insurance line on export loans to countries outside the OECD until 2015, Cosec said that the most sought-after markets were Angola, Venezuela, Mozambique, Morocco, Cabo Verde and Brazil and that demand for this line had reached 255.3 million euros, which supported sales of 785.5 million euros.

“Since its launch 556 companies have been insured, of which 74 percent were small and medium-sized businesses, which exported around 973 million euros to 93 markets and supported sales of 2.960 million euros,” the statement said.

“The line was created by the Portuguese State in December 2008, as part of the measures intended to minimise the effects of the economic and financial crisis, and is entirely guaranteed by the State and managed by Cosec,” said the statement from Companhia de Seguros de Crédito.

The insurance covers all markets, with the exception of those in the European Union (although Greece is temporarily eligible) and the following OECD markets: Australia, Canada, the United States, Iceland, Japan, Norway, New Zealand and Switzerland. (macauhub)