Major trade credit insurers have stopped providing new cover for exporters to Greece, fearing the risk of the country leaving the eurozone.

European-based Coface, Atradius and Allianz-owned Euler Hermes have announced they will not insure new exports.

The insurers are concerned about the risk from Greek importers having to pay in euros if the country reverts to the drachma.

Atradius says it is closely monitoring developments and assessing the default risk of every Greek company case by case.

“For those Greek buyers where we see, for example, a high dependency on imports or business with the public sector, we are withdrawing or reducing limits.”

Atradius continues to cover selected existing buyers of customers and is keeping significant cover in place for domestic trade within the country, the company says.

National Credit Insurance (Brokers) MD Kirk Cheesman says trade credit insurers have been reviewing and reducing Greek exposure for months.

He told insuranceNEWS.com.au the credit risk is more of an issue for Europeans, with France and Germany exporting significant amounts to Greece.

Australian firms sell some beef, wine and other agricultural products there, but their major markets are closer to home and we are comfortable retaining some cover for exporters.

“It is not off the table completely, but there are tighter terms surrounding it,” Mr Cheesman said.

“Most people would have shored up their credit terms on supplying into the country and getting letters of credit or payment in advance rather than open credit terms.”