International Credit Insurance & Surety Association
International Credit Insurance & Surety Association (ICISA)
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| Type |
International Association |
| Industry |
Trade Credit Insurance and Surety |
| Genre |
Trade Credit Insurance, Surety, Reinsurance |
| Founded |
1928 as International Credit Insurance Association (ICIA)
2001 renamed to (ICISA) |
| Headquarters |
Amsterdam, The Netherlands |
| Area served |
Worldwide |
| Key people |
- Joaquín de la Herrán Mendívil (President)
* Jim Davidson (Vice-President)
* Robert Nijhout (Executive Director, Treasurer) |
| Employees |
4 |
| Website |
http://www.icisa.org |
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
The International Credit Insurance & Surety Association (ICISA) is the leading global association representing trade credit insurers and surety companies. ICISA members form a central role in facilitating 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 open exchange of information and expertise. ICISA promotes sustained technical excellence, industry innovation and product integrity. ICISA has a proactive role as advocacy and media relations organisation on issues and topics that are relevant for the members. Furthermore ICISA advises international and multinational authorities on vital 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 initiate means whereby the common action of the Members can be facilitated in order to develop their mutual relations in the interest of their national and the international economy, in the interest of their insured and in their own interest."[2]
Some of the issues addressed by ICISA
sustained 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 so-called 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 new potential areas for surety business
- Publication of the Catalogue of Credit Insurance Terminology
Promoting sustained quality management
- Round table 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'S 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 proactively 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 & their main lines of business
Trade Credit Insurance
- Trade Credit Insurance insures against the risk of non-payment by a buyer. Trade credit insurance policies can include a wide range of cover, depending on the circumstances. 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 & Bonds
- Surety bonds guarantee the performance of a variety 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 known as Employer/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
Reinsurance
- 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 specialised departments focusing soleley on the reinsurance of credit insurance and surety risks.
History
ICISA was established as (ICIA) (International Credit Insurance Association) in 1928. As the first association for the industry, it has evolved and grown and its 45 member companies now account for over 95% of the global trade credit insurance business, insuring risks in practically every country in the world.[1]
Founding Members
Relevance
- ICISA's members account for over 95% of global trade credit insurance business.
- ICISA members insured over 2 trillion USD worth of trade worldwide.
- In June 2010 the association counted 45 members.
References
External links
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Afianzadora Latinoamericana (Argentina) · Allianz SE (Germany) · Askrindo (Indonesia) · Aspen Re Europe (Switzerland) · Atradius (worldwide) · AXA Assurcredit (France) · AXA-Winterthur (Switzerland) · AXIS Re (Ireland) · Catlin Re (Switzerland · CESCE (Spain) · China National Investment & Guaranty Company (China) · CLAL (Israel) · Coface (worldwide) · COSEC (Portugal) · CGIC (South Africa) · Ducroire/Delcredere (Belgium) · ECICS (Singapore) · Euler Hermes (worldwide) · Fianzas Atlas (Mexico) · Fianzas Monterrey (Mexico) · Garant (Austria) · Groupama (France) · GCNA (Canada) · Hannover Re (worldwide) · HCC International (UK) · ICIC (Israel) · Lombard Insurance Company (South Africa) · Mapfre (Spain) · Mitsui Sumitomo (Japan) · Munich Re (worldwide) · Nationale Borg (Netherlands) · Novae Group plc (UK) · Partner Re (worldwide) · PICC (China) · Prisma (Austria) · QBE Insurance (Australia) · SACE BT (Italy) · SCOR Switzerland (worldwide) · Seoul Guarantee Insurance Company (Korea) · SID First Credit (Slovenia) · Sompo Japan (Japan) · Swiss Re (worldwide) · Tokio Marine & Nichido Fire (Japan) · Tryg Garanti (Denmark) · Zurich Insurance plc (Germany) Zurich Surety, Credit & Political Risk (USA) · Zurich Surety UK (UK) ·
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