Reflecting Back on a Year of Vigorous Advancement for ICISA
ICISA 2024: Strong Performance, Strategic Focus, and Expansion
In the realm of insurance, ICISA (International Credit Insurance and Surety Association) has reported a robust performance in 2024, demonstrating growth, resilience, and strategic focus in the trade credit insurance (TCI) and surety markets.
According to ICISA's latest data, the global trade covered by TCI increased by 7.5% year-on-year, reaching an impressive €3.5 trillion. This growth reflects the industry's ability to weather global economic headwinds, as well as its commitment to expanding capacity and managing risk to unlock finance and scale access, particularly in emerging markets like Latin America.
The surety market also saw significant growth, with insured exposure increasing by 9.3% to €1.5 trillion. Premiums written for surety increased by 7.4% to €8 billion, while claims paid for surety declined by 12.6%.
ICISA's strategic initiatives are not limited to market expansion. Regulatory and strategic plans, such as Turkey’s 2024-2028 insurance market strategy, highlight ongoing reforms and developments aiming to strengthen surety markets.
The association welcomed eight new members in 2024: Sofimex, KODIT, Beazley, SMABTP, EDC, TransRe, Markel, and Ageas Re. These additions underscore ICISA's commitment to fostering a diverse and robust community of insurers.
In the realm of partnerships, the strategic partnership between ICISA member Nexus Group and Crum & Forster was announced in 2024. This collaboration is expected to drive innovation and collective action in the industry.
Premiums written for TCI slightly decreased by 0.6% to €9 billion, while claims paid for TCI moderately decreased by 0.8%. Despite these slight decreases, the industry's focus remains on promoting sound practices, increasing innovation, and driving collective action to support businesses worldwide.
The green transition presents a significant opportunity for insurers, with new infrastructure offering large-scale risks and rewards. ICISA's members demonstrated adaptability and leadership in 2024, showcasing strong fundamentals across their businesses.
In terms of leadership, Jan Muller was appointed President of ICISA for 2025/2026, while Dekker Buckley was elected as the new Vice President. The association continues to be in capable hands, ready to navigate the challenges and opportunities of the future.
- The insurtech sector, driven by innovation, was at the forefront of ICISA's strategic partnership with Nexus Group and Crum & Forster in 2024, aiming to drive further advancements in the industry.
- In the aftermath of ICISA's robust performance in 2024, events like industry expos and forums are expected to highlight the association's focus on enhancing finance and business growth, particularly in emerging markets like Latin America.
