The International Credit Insurance & Surety Association (ICISA) was founded in April 1928, forming the first trade credit insurance association. The Association is registered in Zurich (Switzerland) under Swiss Civil Code (article 60). The Secretariat is based in Amsterdam.
About ICISA
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
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."
Some issues addressed by ICISA
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
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.