BAEZ: Excellence in Export Credit Insurance & Risk Mitigation CEE 2024

The Bulgarian Export Insurance Agency (BAEZ) is a key player in export credit insurance, offering robust solutions that support Bulgarian exporters, particularly SMEs, by facilitating their access to financing. BAEZ has introduced innovative risk management practices, such as escrow-based advance payment surety bonds and new collateral requirements for working capital loans, ensuring more equitable risk-sharing between banks, borrowers, and insurers. Environmental sustainability is also a priority, with BAEZ promoting the issuance of surety bonds for photovoltaic power plants (currently covering 16 percent of Bulgaria’s installed capacity) and adopting electric-powered vehicles for over 75 percent of its mileage. Digital transformation efforts further enhance efficiency and reduce CO2 emissions, aligning the company with responsible resource usage and selective waste collection. BAEZ’s proactive commercial approach and collaboration with Bulgarian commercial attachés help maintain competitive pricing and a low claims ratio, ensuring continued support for the country’s exports. The agency has also signed MoUs with regional ECAs to improve market knowledge and risk assessment. Upcoming products such as reversal export credit and enhanced cargo insurance are designed to bolster the Bulgarian market, providing comprehensive insurance solutions that mitigate risk without increasing pricing. BAEZ’s commitment to governance is reflected in its transparency, anti-corruption policies, and efforts to promote diversity in management, alongside promoting employee well-being with flexible working hours and social benefit programmes. The CFI.co Judging Panel congratulates BAEZ on winning the 2024 award for Excellence in Export Credit Insurance & Risk Mitigation (CEE).