Trade Credit Insurance and Surety prove their strength in 2024
Trade credit insurance and surety continue to serve as essential pillars of the globa economy—enabling investment, protecting businesses from risk, and supporting growth even in uncertain times. The latest industry figures released by the International Credit Insurance & Surety Association (ICISA) reveal a solid performance across both credit and surety lines in 2024, with the industry stepping up to meet the growing demand for protection and stability.

Balancing caution and opportunity
In 2024, the global economy demonstrated both resilience and restraint. As companies went through an increasingly complex environment, with high interest rates, geopolitical shifts, and fragile supply chains—many companies sought stronger risk mitigation tools to shield their operations and ensure continuity. At the same time, governments and institutions accelerated investment in large-scale infrastructure, housing, and energy projects to stimulate growth and build long-term competitiveness.
This mix of caution and opportunity created a fertile ground for credit insurance and surety solutions. ICISA members took on commitments of €3.5 trillion—up 7.5% from 2023—through trade credit insurance. Surety exposure also expanded, rising by 9.3% to €1.5 trillion, as public and private sector clients alike turned to surety bonds to secure critical infrastructure and construction projects.

A sector built on resilience
Despite macroeconomic uncertainty, claims decreased across: down 0.8% in trade credit insurance and 12.6% in surety. This suggests improved portfolio quality, but also highlights the effectiveness of the industry’s early-warning systems and active risk monitoring. The relative stability in claims also reflects the fact that, while insolvencies rose in certain regions, many of these involved smaller businesses with limited exposure values. In addition, overall exposure grew alongside trade volumes, keeping the claims ratio under control.
While credit insurance premiums saw a slight decline of 0.6%, this was seen as a sign of the industry’s commitment to supporting clients—demonstrating pricing discipline and flexibility under stress. The decline also mirrors strong market competition and an environment where risk, although present, was managed effectively through granular underwriting and diversified portfolios.
Surety premiums, on the other hand, rose by 7.4%, reflecting the surge in demand linked to public infrastructure spending and global construction activity. As countries race to modernise their economies, meet sustainability goals, and build climate-resilient infrastructure, surety bonds are increasingly relied upon to secure projects and unlock financing.

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Expanding global reach
ICISA now represents the vast majority of private trade credit insurers globally and has seen its membership expand rapidly, with eight new members joining in the past 12 months. This points to growing interest in private risk-sharing mechanisms, particularly in developing markets where financial tools to support trade remain limited.
With only approximately 15% of global trade protected by TCI, and significant gaps in coverage across emerging regions, there is ample room for further growth—especially as digitalisation and new underwriting technologies lower barriers to access.
Trade credit insurance and surety may not often make headlines, but they are critical to the smooth functioning of the global economy. As companies and governments navigate uncertainty, these tools offer more than just protection—they enable ambition, drive investment, and strengthen resilience.
To learn more about ICISA and the latest industry data, visit: www.icisa.org.