ICISA has released a new in-depth white paper titled “Evolution and challenges of the Credit and Political Risk Insurance (CPRI) market.” This comprehensive publication explores how the CPRI market has developed over time, the major trends shaping its growth, and the key challenges insurers, banks, traders, multilaterals, and corporates are facing today.

Understanding the CPRI market: A century of development

The CPRI market has evolved significantly since the first political risk insurance solutions were offered by export credit agencies in the early 20th century. Today, the global credit and political risk insurance sector plays a crucial role in supporting international trade, foreign investment, and financial stability.

The white paper outlines the historical milestones that shaped the market—from the rise of global institutions such as the IMF, World Bank, and WTO to the expansion of private-sector underwriting capacity and partnerships with multilaterals such as MIGA.

How the CPRI market is changing

The publication highlights the rapid transformation of the CPRI landscape. Key trends include:

Growing number of insurers and brokers

More than 80 insurers and Lloyd’s syndicates now operate in the CPRI market, with new entrants and MGAs contributing to increased competition and specialisation.

Expansion beyond traditional trade users

Once primarily used by exporters and commodity traders, CPRI is now an essential risk-mitigation tool for banks, financial institutions, ECAs, and multilateral development banks.

Increasing product sophistication

Insurers are offering more complex and tailored solutions—from structured credit risks to long-tenor project finance and non-payment insurance—supported by enhanced analytics and risk modelling.

Stronger involvement of multilateral institutions

Multilaterals continue to mobilise private capital and support investments in higher-risk regions, particularly for infrastructure and climate-related projects.

Current challenges in the credit and political risk insurance market

The white paper identifies three major challenges shaping the future of the CPRI industry:

Banking regulation and Basel III/IV implementation

Global regulatory changes are influencing how banks use non-payment insurance for credit risk mitigation. The paper explains how Basel frameworks, CRR3 developments, and varying implementation timelines in the EU, UK, and US impact the use of CPRI for capital relief.

Slow and fragmented market digitalisation

Although digital platforms and electronic placement tools are emerging, the market remains fragmented. The report emphasises the need for more integration, automation, and platform consolidation to improve efficiency in CPRI transactions.

Heightened geopolitical risk and global uncertainty

Geopolitical tensions, sanctions, supply chain disruptions, and macroeconomic volatility are driving demand for CPRI while increasing underwriting complexity. The paper explores how insurers are adapting to this changing risk environment.

Why this white paper matters

The publication provides valuable insights for:

  • Insurers and reinsurers seeking to understand market developments

  • Banks and financial institutions using CPRI for credit risk mitigation

  • Exporters, traders, and corporates managing cross-border risks

  • Multilateral institutions and policymakers shaping the regulatory environment

Written by leading experts from ICISA’s Credit and Political Risk Insurance Committee, the white paper offers a clear and authoritative view of one of the most dynamic segments of the insurance industry.

Download the white paper

Download the full white paper: Evolution and challenges of the CPRI market
Discover how the CPRI market is changing – and what it means for insurers, banks, exporters, and global trade.