Export, Import and Investment Insurance Department,
Ministry of International Trade and Industry (EID/MITI)
The Export, Import and Investment Insurance Department (EID), one of world's largest export-import insurers, is a part of Ministry of International Trade and Industry. In FY1997, it insured around 370,000 cases worth ¥14.8 trillion ($123.3 billion), of which long-term insurance accounts for around ¥600 billion ($5 billion), about 4% of total amount*. The types of insurance include: (1) General Export Insurance (2) Export Proceeds Insurance (3) Intermediary Trade Insurance (4) Export Bill Insurance (5) Export Bond Insurance (6) Prepayment Import Insurance (7) Overseas Investment Insurance and (8) Overseas Untied Loan Insurance. Projects to receive JEXIM's loans are normally covered by the insurance of EID.
* Calculating method has changed since FY1997 to avoid double counts in general export insurance. Using this calculation, the reported amount of underwritings in FY1996 is ¥13.4 trillion, not ¥19.0 trillion.
The government has announced that EID would be separated from MITI in 2001 to be an independent administrative agency. It will likely emerge as the world's largest insurance organization, possibly having tie-ups with private insurance and credit investigation companies. Some argue that this plan will keep the government's role in the market large, pushing private companies aside, despite other developed countries' moves to privatize short-term insurance markets. EID/MITI has set environmental guidelines for the first time in April 2000.