Credit insurance schemes were a feature of the pandemic landscape in a number of key markets, both inside the EU and beyond. These schemes were aimed at supporting the real economy by enabling credit insurers to maintain coverage at a time when the changing risk environment made that difficult.

However, as a wide blanket of state support was placed over economies by governments, many businesses were protected from the worst impacts of the economic shutdown caused by Covid-19. As a result, the value of credit insurance schemes waned over time as the widespread availability of loans, grants and other support kept businesses afloat and reduced the likelihood of claims arising through credit insurance schemes.

So, what would have happened without credit insurance schemes in countries where they existed? What can we learn from countries without the same kind of support? And, what should governments focus on in future crises? In our latest paper, Credit Insurance Schemes – What would have happened without them?, ICISA looks at the credit insurance sector during and after these schemes closed and addresses these and other related questions.