The International Credit Insurance & Surety Association (ICISA) met in Amsterdam from June 7-10 to discuss the main issues affecting its industry following the economic, regulatory and political developments of the past 12 months.
Members of ICISA are the world’s leading credit insurance and surety insurers as well as their reinsurers.
ICISA’s credit insurance members represent over 95% of the global credit insurance industry.
In 2005 ICISA members insured over US$1.5tn in trade receivables.
During the 64th general meeting of the association, the macroeconomic environment, in particular with regard to certain areas, such as the automotive sector, received attention, as did the political risk developments in Russia and China. The many changes and challenges following Solvency II proposals as well as regulatory developments, such as Sarbanes-Oxley were also topics for discussion. The possible effects of an avian flu pandemic on the sector and its clients were also addressed.
Representatives from the Berne Union, the Pan-American Surety Association (Pasa) and the Surety Association of America (SAA) participated in the meeting.
Francois David, president of Coface, and president of ICISA from 2004-06, who ended his term at this meeting, stated: “It is vitally important for the industry to collaborate under the ICISA banner, in particular in representing the industry’s interests towards regulators, rating agencies and the like. Our lobby successes demonstrate how effective we can be.”
Thanks to an improved trading environment ICISA members insured substantially larger volumes of trade, resulting in increased premium, while claims declined.
After some years of stagnation, the sector benefits from growth once again, it was stated.
Robert Nijhout, ICISA’s executive director, stated: “To maintain profitable growth, the industry must lead in the delivery of new solutions to its clients needs.”. ICISA’s newly-established committee structure enables the technical experts in the sector to exchange experience enabling them to remain up to date with the market and its Sace of Italy as its new members.
ICISA members elected John Rumpler (group general manager at QBE) as president for the period 2006-07. Clemens von Weichs (chairman, group management board at Euler Hermes) was elected as the association’s vice-president for the same period.
Marita Krmer (member of the board of Zurich) and Benot Claire (chairman of the management board of Coface Deutschland), Joaqun de la Herrn Mendivil (CEO of Spain’s Cesce), Mads Loegstrup (CEO of Dansk Kaution), and Wilfried Verstraete (CEO of Atradius) were elected as members of the management committee.