Greece no problem for export insurer

Hong Kong Export Credit Insurance Corporation said Greece accounts for a tiny portion of local exports and its insured business in Europe and so far no compensation has been given due to capital controls imposed there. Commissioner Ralph Lai Yin- ping said Greece recorded just HK$10 million of the insured business of ECIC and very few exporters had made new inquiries about related insurance service, so the company does not plan to adjust its insurance premium. The ECIC said its total value of insured business rose 9.4 percent to HK$111.6 billion for the year ended March 31. Turnover rose 2.2 percent. ADVERTISEMENT The slower growth in turnover was because of discounts in premium offered to small local exporters under a policy to support their business, ECIC said. Its profit plunged 8.1 percent to HK$153.39 million while its total claims jumped 25.8 percent to HK$57.54 million. The United States remained the largest insured market, despite a 1.4 percent drop. With a proliferation of electrical appliance and mobile phone exports, China ranked second with 73.9 percent growth. Lai said the export industry remains challenging as only markets in China and ASEAN countries are relatively stable in the world, and they will be the corporation's focus. He added he has not seen any problems occurring in the firm's mainland clients despite the stock market stumbles. KANIS LEUNG