Surety highlights as reported by ICISA members[1]

  • Insured exposure increased by 7.7%, reaching EUR 1.4 trillion [2022: EUR 1.3 trillion]
  • Premiums written rose by 8.9% to EUR 6.9 billion [2022: EUR 6.3 billion]
  • Claims paid surged by 68.5%, totalling EUR 2 billion [2022: EUR 1.2 billion]

Trade Credit Insurance highlights as reported by ICISA members

  • Insured exposure grew by 4.5%, totalling EUR 3.2 trillion [2022: EUR 3 trillion]
  • Premiums written increased by 5%, amounting to EUR 8.2 billion in 2023 [2022: EUR 7.8 billion]
  • Claims paid rose by 11.4%, reaching EUR 3.2 billion in 2023 [2022: EUR 2.7 billion]

Single Risk / Political Risk as reported by ICISA members

  • Insured exposure reached EUR 32 billion growing by 7.9% [2022: EUR 30 billion]
  • Premium written rose by 30% to EUR 715 million [2022: EUR 550 million]
  • Total claims paid over 2023 went down to 146 EUR million [2022: EUR 152 million]

82nd Annual General Meeting of ICISA members (7 June 2024) – key outcomes:

  • Benoît des Cressonnières (Allianz Trade) and Jan Mueller (Hannover Re) were re-elected as President and Vice President of ICISA, respectively.
  • ICISA welcomed three new members: Export-Import Bank of Thailand, Interamerican, and RenaissanceRe strengthening ICISA’s growth path.

ICISA Annual Report highlights

Throughout 2023, ICISA members reported strong business growth despite a notable rise in claims across various lines. These trends are reflective of the ongoing volatility of macroeconomic conditions. Despite these challenges, the industry continued to provide a safe harbour for trade and investment in the real economy while remaining robustly capitalised. Demand for protection in the face of economic headwinds understandably grew throughout 2023 for both trade credit insurance and surety markets. Surety exposure rose by 7.7% to EUR 1.4 trillion, while trade credit insurance exposure reached EUR 3.2 trillion, a 4.5% increase.

The macro risk environment remains volatile and uncertain. Businesses face significant challenges due to high interest rates, rising costs, the energy transition, and disruptions from conflicts and geopolitical tensions. Trade continues to drive positive economic development, but managing associated risks and financing costs is increasingly challenging. While central banks look to carefully loosen monetary policy in the coming months, ICISA members expect challenging market conditions to persist in the short term. Against this backdrop, surety claims rose significantly from 2022 to 2023, with EUR 2 billion paid out in 2023, marking a 68.5% increase. Trade credit insurance members paid out EUR 3.2 billion in claims across the same period. This was up from EUR 2.7 billion in 2022, providing a valuable lifeline to businesses worldwide.

ICISA President, Benoît des Cressonnières, remarked: “ICISA members have consistently demonstrated their commitment to support the global economy and aiding companies in securing their trade. Despite significant macroeconomic and geopolitical challenges over the past year, we can be relied upon to help businesses enhance their resilience.”

ICISA Annual General Meeting

From June 5-7, ICISA members convened in Madrid, Spain, for the 82nd Annual General Meeting. These meetings offer industry participants a platform to discuss challenges impacting trade credit insurance, surety, and related topics.

Key discussion points included the macroeconomic and geopolitical environment, the impact of regulatory developments, such as the implementation of Basel 3.1, and talent acquisition and retention. Within that scope, ICISA launched the Women’s Surety Network, the second diversity initiative while Women in Credit Insurance presented their accomplishments to date. Both initiatives were greeted enthusiastically by members.  During the AGM, members re-elected Benoît des Cressonnières (Allianz Trade) as President for 2024/2025, and Jan Müller (Hannover Re) as Vice-President, recognizing their efforts and achievements. ICISA welcomed three new members: Export-Import Bank of Thailand, Interamerican, and RenaissanceRe. ICISA now comprises 31 Trade Credit Insurers, 38 Surety companies, and 23 Reinsurance firms from across the globe.

Richard Wulff, ICISA’s Executive Director, commented: “We are delighted to welcome three new members to the ICISA network, reflecting growing interest in our association and its value to trade credit insurers, sureties and their reinsurers. Our members are lynchpins in the global economy protecting trade and investment, especially during difficult economic conditions, such as today.

The Export-Import Bank of Thailand plays a key role in driving Thailand’s trade and investment strategies for the country’s sustainable growth, aligning well with ICISA’s goals. Interamerican, a leading insurance company in Greece, enriches our network with Greek surety products. RenaissanceRe, as one of the sector’s leading reinsurers and based in Bermuda, adds to the expertise within our membership on key topics related to risk management and financial solutions. We are excited about the opportunities for collaboration with these new members and warmly welcome them to our expanding family!”

[1] Percentages for the three sub-classes of business may be off due to rounding of the absolute figures

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