Clemens von Weichs (Allianz SE) re-elected as President of ICISA
Amsterdam, 7 July 2009 - The annual meeting of the International Credit Insurance & Surety Association (ICISA) was held on the island of Jeju (Korea) from 10 to 12 June 2009. Members of ICISA are the world’s leading credit insurance and surety insurers and reinsurers. ICISA’s credit insurance members represent over 95% of the global credit insurance industry and insure over USD 2,000,000,000,000 in trade receivables.
The meeting was hosted by ICISA member Seoul Guarantee Insurance Company (SGI). In line with the actual economic environment, discussions were driven by developments of the financial crisis and the ensuing recession. Credit insurers perceive a heavily deteriorated commercial risk environment and therefore a sharp increase in default probability.
Furthermore, credit insurers forecast a sharp decrease of insured trade and therefore a downturn in premium volume, which may happen in 2010. However, this decrease, thanks to a basic level of international trade, will be less then the drop in GDP in some markets, in particular in the USA.
Credit insurers and sureties remain solvent during this recession. In addition, members of ICISA share the opinion that governments should direct their support efforts mainly towards helping producers keep their markets, rather then through indirect help.
Mr Clemens von Weichs, President of ICISA, stated: “We are experiencing the toughest economic times in living memory. Our industry’s commitment figures underscore the key role credit insurers and sureties play in supporting the economy, especially in a difficult environment.”
New Members of the Management Committee At the annual meeting Mr Clemens von Weichs (Allianz SE) was re-elected President of ICISA for the period 2009-2010. Mr Joaquín de la Herrán Mendivil (CESCE) was re-elected Vice-President for the same period. Mr Tommie Sjödahl (Atradius), Mr Mr Marcus Pollak (PartnerRe) and Mr Mike Truter (Credit Guarantee) were elected as Members of ICISA’s Management Committee, replacing messrs Peter Ingenlath (Atradius), Werner Jäger (Hannover Re) and Shinkou Takahashi (Sompo Japan) whose respective terms ended this year.
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New ICISA Members At the meeting, the four companies that were admitted as members since the 2008 annual meeting, namely Garant (Austria), PICC (China), Zurich Surety, Credit and Political Risk (USA) and China National Investment & Guaranty (China) were formally welcomed. The new members bring the total of ICISA member companies to 45.
ABOUT ICISA
The International Credit Insurance & Surety Association (ICISA) was founded in 1928 as the first credit insurance association. Surety companies have been joining since the 1950s allowing the association to grow into the leading international organisation in the field of trade credit and surety bonds. ICISA’s credit insurance members account for over 95% of global market share.
ICISA members form a central role in facilitating trade, by insuring trade credit risks, locally as well as exports, or by providing security for the performance of a contract. The object of the Association is to study questions relating to domestic and export credit insurance and surety, to allow members’ employees to acquire knowledge and exchange experience in the theory and practice of credit insurance and surety underwriting, and to facilitate the common action of members 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.
Credit insurance covers the manufacturing, trading and service industry against the risk of loss due to non-payment by their customers.
A surety bond or guarantee is normally required under the terms of a construction or engineering contract, to secure the obligations of the principal debtor. It provides security against the failure of a contractor to complete a contract in accordance with its terms.
ICISA members insure risks in practically every country in the world.
ICISA members are:
Afianzadora Latinoamericana (Argentina), Allianz SE (Germany), Askrindo (Indonesia), Atradius, AXA Assurcredit (France), AXA Winterthur (Switzerland), AXIS Re, CESCE (Spain), China National Investment & Guaranty (China), CLAL (Israel), Coface, COSEC (Portugal), Credit Guarantee (South Africa), Ducroire|Delcredere (Belgium), ECICS (Singapore), Ethniki (Greece), Euler Hermes, Fianzas Atlas (Mexico), Fianzas Monterrey (Mexico), Garant (Austria), Groupama (France), Hannover Re, HCC International (UK), ICIC (Israel), Malayan (Philippines), Mapfre (Spain), Mitsui Sumitomo (Japan), Munich Re, Nationale Borg (Netherlands), Partner Re, PICC (China), Prisma (Austria), QBE Insurance (Australia), SACE BT (Italy), SCOR Switzerland (Switzerland), SGI (Korea), SID - First Credit (Slovenia), Sompo Japan (Japan), Swiss Re, The Guarantee Company of North America (Canada), Tokio Marine & Nichido Fire (Japan), TrygVesta Garanti (Denmark), Zurich Surety, Credit & Political Risk (USA), Zurich Surety UK (UK), Zurich Versicherung (Germany).
The Executive Director of ICISA is Robert Nijhout. The secretariat is based in Amsterdam.
For more information, please visit www.icisa.org, e-mail This e-mail address is being protected from spambots. You need JavaScript enabled to view it , or contact
Saskia Cruz Communications Manager

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