Trade risk cover rises amid economic and geopolitical shifts
The International Credit Insurance & Surety Association (ICISA) has reported growth in insured exposures and a decrease in claims activity for 2024, marking a year of operational resilience across trade credit insurance and surety markets.
The findings coincide with new data from Gallagher and Aon that highlight how companies globally are redefining their risk frameworks following years of disruption.
The combined data sets suggest a notable convergence between insurer performance and the changing demands of corporate risk management.
Credit and surety lines post positive trends
ICISA’s annual review indicated that its members wrote EUR 8 billion in surety premiums – up 7.4% from the previous year – while insured surety exposure grew 9.3% to EUR 1.5 trillion. Claims in this line declined by 12.6% to EUR 1.7 billion, suggesting that project risks were better mitigated across the board.
In the trade credit space, exposure increased to EUR 3.5 trillion, reflecting a 7.5% rise. Premiums for the line, however, dipped slightly by 0.6% to EUR 9 billion. Claims paid fell by a modest 0.8% to EUR 3.39 billion.
Richard Wulff, ICISA executive director, said member companies have adapted well to shifting market conditions.
“These results reflect more than just market performance – they represent the willingness of our members to support the economy, even when there are clouds on the horizon. The strategic agility of our members enable the indispensable role our industry plays in enabling trade, investment, and development globally,” he said.
Corporates adjust risk planning post-disruption
Parallel to ICISA’s findings, Gallagher’s “Five Years of Business Risk Evolution” report revealed that many firms have restructured their approach to risk.
In a global survey of 1,200 executives, nearly two-thirds said they view today’s landscape as more volatile than in previous years.
Changes include diversifying revenue streams, increasing domestic sourcing, and expanding supplier networks. A growing number of companies also reported treating workforce-related issues – such as staffing, wellness, and engagement – as core operational risks.
Gallagher’s Neil Hodgson said the private sector is shifting away from assuming disruptions are rare.
Intersections in climate risk, digital threats, and risk financing
Climate-related exposures continue to grow, especially in regions such as North America, where Gallagher identified a rise in losses tied to non-modelled perils like wildfires and hailstorms. Although ICISA’s claim reductions suggest limited impact thus far, its members are likely monitoring these risks closely as part of broader portfolio management.
Cybersecurity, artificial intelligence, and automation were also noted as key risk drivers in both corporate surveys. Aon’s “Client Trends 2025” report emphasised the growing interconnection between technology, climate, labour markets, and international trade, calling for more integrated risk analytics and management strategies.
Insurance seen as strategic lever in corporate risk portfolios
In response to this shifting risk profile, more than half of surveyed businesses increased their insurance coverage since 2020.
Many also introduced new policy types and added risk-specific personnel roles – changes that align with ICISA’s observed increase in insured exposure and lower claims across its segments.
