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Credit Insurance

Trade credit insurance members of ICISA positive about Greece

By CreditMan Tuesday, December 2, 2014

Andreas Tesch, President of the International Credit Insurance & Surety Association (ICISA) advocates:
“Given the current state of Greece’s economy and considerable growth of private trade credit insurance capacity, Greece should be included again on the list of marketable risk countries per 01.01.2015.”

Availability of private trade credit insurance capacity
Private credit insurance capacity from the Members of ICISA for exports to Greece increased in 2013 and has grown considerably during 2014. Internal credit ratings for Greece remained stable in 2013 and have become more positive overall in 2014.

According to the Members of ICISA, cover is available for all trade sectors. Around 7 thousand credit limits are currently in force, an increase of approx. 90 % compared to 2013 (between 3 and 4 thousand credit limits), while insured turnover has increased nearly threefold to approx. EUR 3,700mio from 2013 (was EUR 700 - EUR 1,000mio). This confirms that the sector is positive about Greece as a market and that private capacity continues to increase. Given this impressive growth in capacity from private credit insurers in 2014, ICISA recommends to no longer exclude Greece from the list of marketable risk countries.

The International Credit Insurance & Surety Association (ICISA) brings together the world's leading companies that provide credit insurance and/or surety bonds. Founded in 1928 as the first credit insurance association, the current members account for 95% of the world's private trade credit insurance business. Today, with EUR 2 trillion in trade receivables insured and billions of euros worth of construction, services and infrastructure guaranteed, ICISA members play a central role in facilitating trade and economic development on all five continents and practically every country in the world.