BEIJING/SHANGHAI - As the U.S.-China trade war intensifies, an insurance company run by the Chinese government is stepping in to support Chinese exporters, providing low cost coverage and chasing down U.S. importers unwilling or unable to pay mounting tariffs.
Sinosure has boosted the number of new clients by thousands since last August, often relaxing its standards to do so, company data and two Sinosure sources familiar with the standards say.Sinosure's business has expanded amid trade war:The insurance policies help cushion companies from the risk of export deals collapsing because of elevated duties on goods flowing between the world’s No.1 and No.2 economies.
The payments stem from what one Sinosure official said was a growing number of U.S. buyers of Chinese goods who were unwilling or unable to pay higher prices for shipped goods. That has left some cargoes stranded at U.S. ports, and Chinese exporters on the hook. For its part, the Trump administration has provided billions of dollars in subsidies to American farmers affected by Chinese tariffs as it too seeks to cushion the impact of the trade war.
In 2018, the total sum insured by Sinosure jumped 16.7% to a record $612 billion, the fastest annual pace in six years. Premium income rose just 6%, reflecting the non-commercial nature of many of Sinosure’s insurance policies.
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