The International Credit Insurance & Surety Association (ICISA) has published its Q1 2026 Business Sentiment Survey, providing an in-depth snapshot of market sentiment across Trade Credit Insurance (TCI), Surety, Credit & Political Risk Insurance (CPRI), and Reinsurance.
The findings point to an industry operating in a more challenging and uncertain environment than six months ago. While demand remains resilient — particularly in Surety, CPRI, and Reinsurance — members report growing concern around geopolitical conflict, trade disruption, credit deterioration, and rising insolvencies. At the same time, pricing conditions across all segments continue to soften, increasing pressure on underwriting discipline and premium adequacy.
For the first time, the survey includes dedicated sections on CPRI and Reinsurance, offering a broader perspective across the full credit insurance and surety value chain. The results reveal diverging market dynamics: CPRI respondents remain the most optimistic on demand growth, while reinsurers report the strongest concerns around future claims and insolvencies.
The report also highlights the accelerating adoption of artificial intelligence across the industry. Members increasingly report the use of AI in underwriting, modelling, claims, and operational processes, signalling a shift from experimentation to implementation. ESG-related opportunities remain prominent, particularly in renewable energy, energy efficiency, green construction, and social infrastructure, although respondents also point to growing political, regulatory, and pricing challenges linked to ESG integration.
Conducted during January and February 2026, prior to the onset of the conflict in Iran, the survey captures member sentiment at a pivotal moment for global trade, investment, and risk markets.
