The Role and Tasks of Trade Insurance for Revitalizing Exports in New Growth Industries

Abstract

Purpose - This study evaluated the role of trade insurance as a plan for revitalizing exports in new growth industries in the era of the 4th industrial revolution, and suggested ways to utilize trade insurance at a higher level. The role of trade insurance for the revitalization of export items related to new growth industries and the growth of new growth industries is very important. Design/Methodology/Approach - This study was conducted based on a literature review based on previous studies and secondary data. Findings - In order to revitalize exports of items related to new growth industries, the following are suggested improvements and effective policy measures for the trade insurance system. First, the Korea Trade Insurance Corporation should establish a comprehensive support system for the export support of new growth industries through multilateral or bilateral cooperation with export-related organizations. Second, it is necessary to operate special programs, such as premium discounts and preferential policies. Third, it is necessary to further develop exclusive insurance items for new growth industries. Fourth, it is necessary to make insurance products exclusively for digital platforms so that they can be used without time and space constraints. Fifth, active promotion is needed so that companies related to new growth industries can actively utilize the trade insurance system when exporting. Research Implications - This study is expected to provide important policy implications in terms of export support and the export revitalization of new growth industries for the trade insurance system, an exceptional export support system that can be legally operated under the WTO system.