International Credit Insurance & Surety Association

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International Credit Insurance & Surety Association (ICISA)
TypeInternational Association
IndustryTrade credit insurance and surety
GenreTrade credit insurance, surety, reinsurance
FoundedFlag of Switzerland.svg 1928 as International Credit Insurance Association (ICIA)
Flag of the United Kingdom.svg 2001 renamed to (ICISA)
HeadquartersFlag of the Netherlands.svg Amsterdam, The Netherlands
Area served
Key people
  • Kay Scholz (President)
    * Benoît des Cressonnieres (Vice-President)
* Richard Wulff (Executive Director, Treasurer)
Number of employees

The International Credit Insurance & Surety Association (ICISA) was founded in April 1928, forming the first trade credit insurance association.[1] The Association is registered in Zurich (Switzerland) under Swiss Civil Code (article 60).[2] The Secretariat is based in Amsterdam.

About ICISA[edit]

The International Credit Insurance & Surety Association (ICISA) is a global association representing trade credit insurers and surety companies. ICISA members facilitate trade, by insuring payment risks resulting from local sales as well as exports, or by providing security for the performance of a contract. Members of ICISA meet regularly and benefit from an exchange of information and expertise.

ICISA has a role as advocacy and media relations organisation on issues and topics that are relevant for the members. ICISA advises international and multinational authorities on issues related to the trade credit insurance and surety bond industries.

Object of the association[edit]

The object of the association is to study questions relating to credit insurance and surety, to provide opportunities for members' employees to acquire knowledge of the theory and practice of credit insurance and surety underwriting, and to represent the Members’ interests."[2]

Some issues addressed by ICISA[edit]

Technical excellence, innovation and product integrity.

  • Review of the effects of cross-border insolvencies
  • Recommendations with regard to binding orders and non-cancellable limits
  • Report on issues concerning fronting for surety bonds
  • Recommendations with regard to pre-shipment cover
  • Review of political risk
  • Syndication of credit risks
  • The impact of globalisation on credit insurance
  • Review of co-surety as an alternative to reinsurance
  • Monitoring developments in custom and excise bonds
  • Exploring areas for surety business
  • Publication of the Catalogue of Credit Insurance Terminology

Promoting sustained quality management

  • Discussions between members exchanging experience and best practices on current challenges
  • Review of capital and portfolio management tools
  • Review of cycle management options
  • Review of the current and future reinsurance environment
  • Review of co-insurance and facultative reinsurance options

Advising international and multinational authorities

  • Sharing effects of the State Support Schemes
  • Creating awareness at the European Commission of the lack of a level playing field for surety products
  • Promoting a global level playing field for surety insurers in public contracts
  • Counterpart for the Comité Européen des Assurances (CEA) in the drafting and implementation of Solvency II requirements
  • Promoting the ICC uniform rules for contract guarantees
  • Participating in meetings of the UN Commission on International Trade Law (UNCITRAL)
  • Advising the International Accounting Standards Board (IASB) on their proposals with regard to the credit insurance and surety sectors
  • Advising rating agencies on the role of surety bonds on PPI/PPP infra-structure projects
  • Advising CEIOPS / European Commission on Solvency II proposed legislation
  • Sharing and assessing the possible impact of Basel III on trade credit insurance and surety industry

Structural initiatives

  • Founding member of the International Surety Association (ISA) which undertakes joint projects together with national surety associations of Australia, Canada, Mexico and the USA
  • Partner in an industry project to determine the Probable Maximum Loss (PML) or Loss Given Default (LGD) of underwritten risks
  • Research into standardising reinsurance requirements
  • Press conference calls to inform media on topics of interest
  • Publication of an industry newsletter
  • Publishing ICISA Catalogue of trade credit insurance and surety (English, French, Italian, Spanish and German)

Members and their lines of business[edit]

Trade credit insurance

  • Trade credit insurance insures against the risk of non-payment by a buyer. If a buyer does not pay, the trade credit insurance policy will pay out a percentage of the outstanding debt. This percentage usually ranges from 75% to 95% of the invoice amount, but may be higher or lower depending on the type of cover that was purchased.

Surety and bonds

  • Surety bonds guarantee the performance of obligations, from construction or service contracts, to licensing, to commercial undertakings. The surety guarantees to pay the direct loss suffered by one party (generally employer or beneficiary) as a result of a contractual default by the other party (generally known as the contractor). For example, the failure of a contractor to complete a contract in accordance with its terms and specifications or the failure of an enterprise to pay taxes or customs duties to a government or department.

Members' main lines of surety business are:

  • Customs, tax and/or similar bonds
  • Bonds concerning concessions and licenses
  • Judicial Bonds
  • Bonds concerning purchases of goods and/or services
  • Bonds concerning leases
  • Bonds concerning construction and/or supply contracts
  • Financial bonds
  • Other bonds


  • A reinsurance company insures the risk that has been underwritten by an insurance company. The risk of a major loss event imposes a burden that no single company can bear. Reinsurance makes it possible for these risks to be underwritten. In a way, one could say, "reinsurance is insurance for insurance companies". Over the years the international reinsurance sector has developed into a highly specialised financial services industry that works closely in conjunction with direct insurers to meet the needs of their cursomers. ICISA's Reinsurance Members have departments focusing only on the reinsurance of credit insurance and surety risks.


ICISA was established as (ICIA) (International Credit Insurance Association) in 1928. Current members account for 95% of the world's private credit insurance business, insuring risks in most countries.[1]

Founding members[edit]


  • ICISA's members account for over 95% of the world's private credit insurance business.
  • ICISA members insured over 2 trillion USD worth of trade worldwide.
  • In 2012 the association counted 48 members.


  1. ^ a b ICISA. "ICISA - History". Archived from the original on 2007-07-20.

External links[edit]