The International Credit Insurance and Surety Association's annual report of 2025 reveals a continued growth in the value of world trade protected by credit insurance, rising from EUR9.25tn ($10.35tn) in 2024 to EUR9.58tn in 2025.
The 2025 figures demonstrate the role of credit insurance in protecting and facilitating world trade. The global trade association, which represents trade credit insurers, sureties, and their reinsurers, said that this increase shows the continued growing demand from companies looking for protection in uncertain economic and geopolitical conditions. Viewed as a percentage of world trade insured by the global credit insurance sector, the value saw a small decline in ICISA’s baseline between 2024 and 2025, going from an estimated 15% to 14%.
This is largely driven by two factors. Firstly, growth in world trade outpaced GDP growth with the WTO estimating that world goods and services trade grew in 2025 by almost 5%, compared to world GDP growth of just under 3%. The proportion of world GDP made up of trade is an important metric within our estimate. Secondly, a weakening dollar during 2025, particularly compared to the Euro also impacted the underlying numbers in our estimate. Following this, if estimated in constant dollar terms compared to 2024, the ICISA percentage of world trade protected by credit insurance would have increased by 4bps.
Trade credit insurance performing in uncertain times
The increased volumes of insured trade comes against a backdrop of uncertain economic and geopolitical circumstances in 2025, building on trends seen across recent years. Companies are searching for ways to navigate these challenges and find paths to grow sustainably. We see a continued turn to credit insurance to facilitate flexible and resilient business at home and abroad, as well as support businesses to access finance.
ICISA members operate throughout the world and support companies in all sectors and segments and for domestic and export trade. ICISA members, which include the largest players in the sector as well as specialists across the global industry, represent around 80% of global premium volumes. Importantly, ICISA also estimates that in 2025, around 70% of cover was provided by the private insurance market.
In the most recent ICISA Business Sentiment Survey for Q3 2026, ICISA members reported a continued rise in demand for trade credit insurance and surety from businesses around the world. This 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.