Trade Treasury Payments · 2026-06-29 · 7 min
The centenary of ICISA offers a rare look into an industry that quietly supports global trade. In this conversation, Jan Müller reflects on the scale and invisibility of trade credit insurance, an essential mechanism that covers trillions in receivables and keeps supply chains moving when risks materialise. He discusses how ICISA has evolved from its European roots into a global association, with newer members seeking support to build regulatory understanding and market foundations. Müller also addresses rising insolvencies, geopolitical friction and what he calls the polycrisis, where risks arrive in overlapping waves rather than isolated shocks. His view is clear. The industry exists to absorb uncertainty so trade can continue, even when the world feels upside down. As he puts it, “The world is a bit upside down, but that is exactly our function.” This episode offers a grounded introduction to an industry that has been stabilising global commerce for a century.
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