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90 % of the exporters recommend Hermes Cover

09 May 2011

  • Results of customer satisfaction survey are available
  • Export industry highly satisfied with state export credit guarantees
  • More than 500 exporters and banks were interviewed
  • Potential for improvements in particular seen for the processing time

The Export Credit Guarantees of the Federal Republic of Germany (Hermes Cover) enjoy a distinctly positive image in the export industry. This shows a customer satisfaction survey carried out at the end of last year. The exporters and banks interviewed for that survey attest the state export promotion scheme great importance for their business.

On behalf of Euler Hermes Kreditversicherungs-AG the market research company Ipsos Loyalty GmbH interviewed more than 500 companies which had taken out Her-mes Cover during the past three years. The companies, which participated in the survey, constitute a representative cross section of the different groups of users. The survey's purpose was to find out how satisfied the exporters are with the export credit guarantees and to identify starting points for practical im-provements.

"We are pleased with the positive feedback from our clients", said Dr. Hans Janus, Member of the Board of Management of Euler Hermes responsible for the Federal Export Credit Guarantee scheme. "The good results are an appreciation of our work and at the same time motivation for us to maintain the high standards for advice and service."

The high degree of satisfaction with Hermes Cover is proven both by the great loyalty and the overall assessment: 94 % of all users interviewed are satisfied with the Federal Export Credit Guarantee scheme as a whole. Nine out of ten exporters interviewed would recommend the state export credit guarantees. For 80 % of the participants would use Hermes Cover again.

The companies interviewed regard the importance of Hermes Cover for their own export business as high. Frequently it would be impossible to realize individual business transactions without Federal Export Credit Guarantees.

The export industry even expects a higher demand in future because the financial crisis has increased the risk awareness. Hermes Cover is therefore often a pre-condition for the financing of export transactions through banks.

The companies interviewed clearly expressed their wish for faster and more transparent processes. First steps towards that are the Buyer Credit Guarantee Express and an electronic application form with assistance features.

The Federal Export Credit Guarantees (Hermes Cover) have been an important instrument of state export promotion in Germany since 1949. Providing protection against bad debt losses for commercial and political reasons has been the central issue especially in connection with supplies to difficult and risky markets. The Federal Government has entrusted a consortium consisting of Euler Hermes Kreditversicherungs-AG and PricewatrhouseCoopers AG WPG. Last year export transactions with a total value of EUR 32.5 billion were supported with Hermes Cover.

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