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Credit insurance and society Through its credit insurance, Crédito y Caución facilitates trade, allowing suppliers to sell goods and services without the need to worry about subsequent payment by customers. In essence, the Company compensates the supplier if the purchaser breaches its payment commitments. In exchange for underwriting this risk, the insurer charges the supplier a premium. The indicator which best expresses the socio-economic importance of Crédito y Caución's insurance policies is to be found in the total number of economic operations protected by insurance guarantees, which in 2010 amounted to 88 billion euros, a figure equivalent to 8.3% of Spain's GDP. The sum which Crédito y Caución undertakes to insure against non-payment in sales of credit by an insured to a purchaser is likewise significant. These commercial lines of credit are reused time and again by companies, since they are released as soon as payment is actually made for the purchase of goods or services. Commercial lines of credit amounted to close on 104.9 billion euros at the close of 2010 In total, they amounted at the end of 2010 to close on 104.9 billion euros. This figure is equivalent to 15.8% of all new credit granted to companies by Spain's banks and savings banks over the course of 2010. The evolution of these lines always depends on two factors: the applications presented by companies in their pursuit of customers and the company-by-company analysis of the credit risk involved. |
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