SERV defines earned premiums as the portion of insurance premiums that is recognised as income and that covers the risk assumed in the current financial year.
Tel. +41 58 551 5517 marius.aeschimann@serv [...] . +41 58 551 5509 haimo.albisser@serv [...] firstname.lastname@example.org Noriyuki Arai Chief Country Risk
Under letter of credit confirmation insurance, SERV insures letters of credit which serve to pay export receivables of Swiss exporters. The bank confirming the letter of credit is thus protected against default of the bank issuing the letter of credit. The maximum cover ratio is 95 per cent.
SERV’s premium tariff includes provisions regarding premium policies, types, amounts, surcharges, discounts, collection and reimbursement. The premium tariff is approved by the Federal Department of Economic Affairs, Education and Research (EAER) and reflects the OECD rating and the principle of economic viability (art. 16 SERV-V).
A SERV insurance commitment in principle (ICP) means that the insurance policy will be written as requested unless there are material changes in the circumstances or legal position (art. 7 SERV-V). Applicants can request an ICP before concluding the export transaction. ICPs are generally valid for six months.
The framework of obligation is the maximum insurance obligation assumed by SERV. It must be approved by the Federal Council and currently stands at CHF 16.0 billion.
SERV defines commitment as the total of all maximum loan amounts (including the insured interest) multiplied by the cover ratio for all written insurances and guarantees (IP).
Contact Employees How to find us in Zurich SERV Swiss Export Risk Insurance Zeltweg 63 8032 Zurich Phone +41 (0)58 551 5555 Fax +41 (0)58 551 5500 E-mail email@example.com Location map (PDF) How to find us in Lausanne SERV Assurance suisse contre les risques à l'exportation Avenue d'Ouchy 47 P.O. Box 315 1001 Lausanne
The confidence factor estimates the probability that the effective loss will be less than or equal to the value at risk. SERV calculates with a confidence factor of 99.9 percent.
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 framework of obligation immediately by CHF 2 billion to CHF 16 billion. All sectors of the Swiss economy can benefit. The framework of obligation represents the maximum scope of SERV’s insurance obligation.