Deputy CEO Topi Vesteri of Finnvera to continue as President of the Berne Union

Topi Vesteri, Deputy CEO of Finnvera, was re-elected President of the Berne Union – the International Union of Credit and Investment Insurers.

The selection was made at the Annual General Meeting of the Berne Union in Lisbon. Chief Operations Officer Mandisi Nkuhlu of ECIC SA, the Export Credit Insurance Corporation of South Africa, was elected Vice-President.

The Berne Union members include both State-owned export credit agencies and private and multilateral insurers of credit and political risks. The 82 members represent 73 countries, which together account for 90 per cent of the world’s population.

In 2015, the Berne Union’s member organisations insured export transactions for a total of over USD 1.8 trillion.

“The world trade volumes reported by WTO fell by 13 per cent between 2014 and 2015. The reason is the drop in raw material prices and the consequent highly cautious investment atmosphere. The increased geopolitical risks and economic sanctions have also had an impact on declining trade volumes. However, the volume of the Berne Union members fell considerably less, only by seven per cent. I consider this an indication of the Union members’ balancing role in world trade,” Topi Vesteri says.

Since the onset of the financial crisis in 2008, the Berne Union members have provided USD 35 billion for indemnifying export companies and financing banks against risks.

“However, when the premiums charged for risk-taking and the recovery of the claims paid are taken into account, the operations are profitable,” Vesteri points out.

Additional information:
Topi Vesteri, Deputy CEO, tel. +358 29 460 2676