Indonesia Eximbank (IEB): The State-Owned Export Insurer
Indonesia Eximbank (IEB) is a state-owned company offering export insurance and guarantees that cover exporters and banks against export repayment risk.
One provider of export insurance in Indonesia is Indonesia Eximbank, better known as IEB. IEB is a state-owned enterprise (BUMN) that works in the insurance field. The company was created to push up the country's exports. Indonesia Eximbank itself has existed since 1999, when it was set up from a commercial bank under Government Regulation (PP) No. 37 of 1999.
Focused on Export Guarantee Insurance
This export insurance company is dedicated to insurance and guarantees that support non-oil and gas exports. Every product it issues covers the risks borne by exporters and banks, namely export repayment risk. That risk covers a failure to settle export costs, whether that means repayment of export credit a bank extended to an exporter or payment from an overseas importer to the exporter for an export transaction.
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Innovating as the Times Change
Since it was first founded in 1999, PT IEB has kept changing and introducing new innovations to support exports in Indonesia. In 2000, for example, PT Eximbank Indonesia ( Persero ) built a new identity by changing the company logo and developing a corporate culture ready to face all kinds of challenges.
In 2013 the Ministry of State-Owned Enterprises prepared a national reinsurance company to address the high reinsurance premiums being paid to foreign companies, and PT Eximbank Indonesia was appointed to become that reinsurer.
Next, having been chosen as a reinsurance company, it was to restructure national export financing, reinsure the insurance written under the scheme, and make capital investments. Because it had become a reinsurer, PT ASEI inevitably had to set a new target focused on handling export insurance. That new target was then named the Indonesian export financing institution, which still runs the export insurance and guarantee business today.
Visit: Export SMEs in Indonesia
That is a quick look at PT Eximbank Indonesia, an Indonesian export insurance company. Hope this helps.
