Surety highlights
- Insured exposure increased by 11% to EUR 912 billion [2021: EUR 824 billion]
- Premium written increased to by 13% to EUR 6.8 billion [2021: EUR 6.1 billion]
- Total claims paid increased by 8% to EUR 1.2 billion [2021: EUR 1.1 billion]
Trade Credit Insurance highlights
- Insured exposure (coverage to policyholders) increased by 20%, reaching EUR 3.2 trillion [2021: EUR 2.7 trillion]
- Premium written saw an increase 13% of EUR 7.8 billion in 2022 [2021: EUR 6.9 billion]
- Claims paid increased by 66% to EUR 2.5 billion in 2022 [2021: EUR 1.5 billion]
Single Risk / Political Risk
- Insured exposure reached EUR 56 billion growing by 24.5% [2021: EUR 45 billion]
- Premium written rose by 27% to EUR 361 million [2021: EUR 284 million]
- Total claims paid over 2022 more than tripled to EUR 100 million [2021: EUR 31 million]
Conclusions of the 81st Annual General Meeting of ICISA members (9 June 2023)
- Benoît des Cressonnières (Allianz Trade) and Mr. Jan Mueller (Hannover Re) were elected as President and Vice President of ICISA respectively.
- ICISA welcomed three new members: AIG, Peak Re and Active Re.
ICISA Standard Annual Report results
Throughout 2022, ICISA members reported strong business growth but also an increase in claims on all business lines indicating the increased volatility seen in the global economy, while leaving the industry well capitalized and secure.
Given the ongoing economic situation, geopolitical tensions, higher inflation and interest rates, ICISA members see this trend to continue in the coming period, reflecting the pressure on the real economy today. Noticeably, single risk claims tripled from 2021 to 2022 (EUR 100mn, up from a benign EUR 31mn in 2021), while trade credit insurance members paid out EUR 2.5 billion in claims in 2022 (vs. EUR 1.5 billion in 2021) in support of businesses worldwide.
With economic uncertainty, demand for trade credit insurance and surety reached a new peak in 2022
The results reported by ICISA for 2022 show an increase in both premium written and exposure. This highlights the value clients place on the protection provided by trade credit insurance and surety generally but even more specifically in the present opaque economic conditions. Premium in surety and trade credit increased by 13% in 2022, while exposure increased 20% in trade credit and 11% for surety.
Incoming ICISA President, Benoît des Cressonnières commented: “ICISA members show undoubtedly their commitment to support to the global economy and service companies across the world to secure their trade. The macroeconomic and geopolitical challenges of last year were significant, but we continued to help businesses to improve their resiliency as we continue to recover from the pandemic and at the same time to face the current new economic challenges.”
ICISA Annual General Meeting
ICISA members met from 5 to 9 June in Brussels, Belgium, for technical committee meetings and the 81st Annual General Meeting of the association. ICISA meetings offer an opportunity for industry participants to come together to discuss the relevant challenges impacting trade credit insurance, surety and related topics.
Some of the key topics covered during the ICISA AGM Week were the macroeconomic and geopolitical environments, innovation in the industry, and sustainability. During the AGM, the members elected Benoît des Cressonnières (Allianz Trade) as President for 2023/2024, replacing Kay Scholz (R+V Re) after his successful 2-year term has come to an end. Jan Mueller (Hannover Re) was elected Vice-President for the same period.
ICISA welcomed three new members: AIG of the United States, Peak Re of Hong Kong and Active Re of Barbados. Richard Wulff, Executive Director of ICISA notes: “We are very pleased to welcome three new members to the ICISA network and proud to see the growing interest in the association. As a global industry association, we undertake to represent all companies working in the trade credit insurance and surety sectors and their reinsurance partners throughout the world.
From the Insurance side, AIG has been an important and innovative player in our market for a very long time. We feel strongly that AIG’s membership of ICISA is beneficial to AIG, our association, and the industry at large.
From the Reinsurance side, with Peak Re and Active Re on board, we now count 19 reinsurance members among our ranks providing an important perspective from the reinsurance sector, which is critical to trade credit insurance and surety lines much in need of strong partnerships to support the development of our business and secure the trade and achievement of projects across the globe. With their expertise, in-depth knowledge and experience worldwide, all three new members will bring considerable industry expertise and fresh ideas to our table; diversifying our membership and making our voice even stronger.”
