German Insurers In ‘Final Stages' of Credit Backstop Extension Talks

German insurers are in the final stages of negotiating a six-month extension to a COVID-19 credit insurance backstop with the German government, Reuters reported. Insurers and the government struck a deal earlier this year for up to 30 billion euros ($35.64 billion) in guarantees for the commercial credit insurance industry for 2020, a move important for fostering the smooth flow of trade during the pandemic. With 2020 winding down, Joerg Asmussen, head of the GDV German insurance association, said an agreement for the extension could be reached “within days”. “We are very constructively negotiating currently between the relevant government bodies, the ministry of finance and the ministry of economy,” Asmussen told the Reuters Events Future of Insurance Europe conference. Read more