On the eve of Israel’s 57th Independence Day the Israeli Credit Insurance Company ICIC said that, based on figures published by D&B, some 2,500 subsidiaries of Israeli firms operate worldwide.
ICIC The Israeli Credit Insurance Company insures sales on credit for the
domestic market and for export purposes and offers its clients insurance programs adapted to their unique needs.
ICIC was established in 1957 as a governmental company. Its privatization process ended in 2001, with its purchase by the I.L.D Group-Insurance Holdings. ICIC insures transactions in an annual value of over 6 billion dollar; 5 billion in export transactions towards more than 114 countries worldwide, and over 1 billion in credit transactions in the domestic market.
The study published earlier last week was commissioned by CIC due to surge in demand for Credit Insurance mainly by foreign subsidiaries of Israeli firms indicated that 2,500 such firms operate around the globe.
Mr. David Milgrom director general of CIC said in a press release that more and more Israeli firms set up overseas subsidiaries to enjoy lower production costs, and proximity to the final consumer.
Milgrom added that the difference between the volume of Israel's export and the total sales revenue of Israeli exporters which include sales revenue made through their overseas subsidiaries, increases annually.
