Insurance payments of solar exports surged 161%

Short-term insurance payments covering solar exports amounted to $150 million in 2012, up 161.4 percent year-on-year, according to data from the China Export & Credit Insurance Corporation, or Sinosure, on Monday.

The Chinese solar industry saw growing "systematic risks" in 2012 owing to rising trade protectionism in Europe and in the United States. The worsening situation in some developed economies weakened the paying ability of overseas importers and exposed Chinese exporters to greater risks of collecting export proceeds and returning capital.

Sinosure paid a total of $1.18 billion to 1838 exporters, up 24.9 percent year-on-year.

Sinosure expects rising insurance payments in 2013 amid a challenging global economic situation and expanding businesses of the company.