In the wake of the Japanese tsunami, export credit risk insurance company Israel Credit Insurance Co. Ltd. (ICIC) estimates that Israeli exporters are exposed to $220 million in money owed to them by Japanese companies.

According to ICIC, 50% of the exposure is covered by foreign risk credit insurance, which includes coverage for major damage caused by an earthquake or tsunami. The other 50% is not covered and leaves Israeli companies vulnerable to non-payment by their Japanese customers.

The main areas of Israeli exports at risk include medical devices, high-tech products, chemicals and metal products.

ICIC has opened a hot-line for Israeli exporters to Japan. ICIC is owned by Harel Insurance Investments and Financial Services Ltd. (TASE: HARL), Bituach Haklai Ltd. and Euler Hermes.

Published by Globes, Israel business news - www.globes-online.com - on March 13, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011