The International Credit Insurance and Surety Association (ICISA) has released its annual estimate of the role of credit insurance in protecting and facilitating world trade. The 2025 figures demonstrate continued growth in the value of world trade protected by credit insurance, rising to EUR 9.58 trillion from EUR 9.25 trillion in 2024.
The increase in insured trade volumes occurs against a backdrop of uncertain economic and geopolitical conditions in 2025, continuing trends observed in recent years.
Companies are seeking ways to navigate these challenges and identify paths for sustainable growth. There has been a continued shift toward credit insurance to facilitate flexible and resilient business operations domestically and internationally, as well as to support access to finance.
Growing demand amid economic and geopolitical uncertainty
The rise in demand for credit insurance reflects companies’ need for protection amid uncertain economic and geopolitical conditions. However, the share of world trade insured by the global credit insurance sector decreased slightly from 15% in 2024 to 14% in 2025.
There are two factors behind the shift. First, growth in world trade outpaced GDP growth, with the World Trade Organization (WTO) estimating that global goods and services trade grew by almost 5% in 2025, compared to world GDP growth of just under 3%. The proportion of world GDP comprised of trade is a critical metric within ICISA’s estimate.
The second factor is a weakening US dollar during 2025, particularly against the Euro, which impacted the underlying figures. When estimated in constant dollar terms compared to 2024, the ICISA percentage of world trade protected by credit insurance would have increased by 4 basis points.
How does credit insurance work?
Trade credit insurance protects against the non-payment of trade receivables, typically due to buyer insolvency. Beyond this primary function, credit insurance enhances access to finance for companies worldwide.
With the risk of receivable default mitigated by the insurer, banks and financing institutions view these assets as more highly secured. This can positively impact both the price and volume of financing available to companies, delivering crucial capital when businesses need it most.
Credit insurance offers more than just loss coverage. It helps business growth by evaluating new buyers. This is particularly valuable for companies looking to expand internationally, where they might lack insights and experience. These services increase the competitiveness of businesses in both domestic and global markets.
Business outlook and concerns
In the most recent ICISA Business Sentiment Survey for Q3 2026, ICISA members reported continued rising demand for trade credit insurance and surety from businesses worldwide.
ICISA members include the sector’s largest players and specialists across the global industry, and they represent around 80% of global premium volumes. They support companies across all sectors and segments for both domestic and export trade. ICISA estimates that approximately 70% of coverage in 2025 was provided by the private insurance market.
This demand is balanced with a cautious outlook for claims and insolvencies within the real economy. Among the greatest concerns for the credit insurance market today are the continued direct and indirect effects of geopolitical conflict on economies around the world.
