1. Credit insurance An overview from the side of a reinsurer Bert Zandvliet Tunis, October 23 2000

2. Development of world trade

3. The credit insurance market Total volume 1998: DM 11,5 Bln

4. Credit insurance in Europe (before 1990) Hermes Coface Euler Group Gerling Kredit NCM Group

5. Credit insurance in Europe (current) Hermes Coface Euler Group Gerling Kredit NCM Group

6. The world credit insurance market (current) Hermes Coface Euler Group Gerling Kredit NCM Group

7. Market developments Short-term risks: private market Medium-term risks: increasingly ceded to the private market. Risk appetite is not everywhere.

8. Global policy

9. Political Risk Convertability and transfer risk War, strikes, riots and civil commotion Confiscation, nationalization State-owned buyers Other measures taken by a state

10. IT communication changes the product offering Faster Service Risk Management via e-commerce

11. Current issues Primary accumulation Reinsurer’s accumulation Cyclical accumulation Mergers

12. Current issues Primary accumulation Reinsurer’s accumulation Cyclical accumulation Mergers

13. Current issues Primary accumulation Reinsurer’s accumulation Cyclical accumulation Mergers

14. Current issues THE WORLD’S LARGEST RETAILERS In bln. Euro 133,19 27,4 46,89 39,54 32,22 19,6 47,01 Wal-Mart Carrefour/Promodes Metro Sears Roebuck K-Mart Primary accumulation Reinsurer’s accumulation Cyclical accumulation Mergers

15. Credit business within Munich Re

16. Position Munich Re Support the start-up and further development of export credit insurance Support the privatization of risks and portfolios which have been backed up by states Support for international organizations Long-term orientation to profit Active role of the reinsurer