COMMITTEE CHAIRS | October 2018 | The ICISA INSIDER
Committee of Underwriters – Igor Pirnat
I am sitting in the office late in the afternoon wondering how to start with the update on CoU for The ICISA insider, Autumn edition. In general I see myself, or at least, I would like to see myself as a person who’s view on everything is rather more positive than negative. So I would like to start with the positive aspect. I am happy that the global
Igor Pirnat
economy, since the last recession, is steadily growing for almost ten
Chair Committee of Underwriters
years now, and there is still no clear sign of a downturn. Or? Despite
Company: SID First Credit
the positive economic growth in general we should not neglect the potential negative effects that some recent events, currently on the
Technical Topics
front pages of most magazines, could have on the global and local
The following technical topics have been raised:
economic picture (e.g. The rise of radical extremist parties and nation alism in many European countries; USA protectionism (“trade war”)
Sanctions - An Insurer’s and Reinsurer’s view.
and so called “Trumponomics”; Slump of Turkey’s currency;… to name just a few).
Trade and Tariffs - What is the foreseen impact of the taxes put in place on imports by the USA on Canada, EU, China and Mexico,
Next to the common topics that are usually covered during the CoU
with particular emphasis on the metal and steel industry? What will
meetings - Countries, Trade Sectors, Specific Buyers/Risks/Cases
be the effect of the reciprocity measures by targeted countries? Will
and Technical topics – delegates also shared their views on the above
this lead to increased credit risk in specific companies/countries
stated concerns and how we as risk underwriters can react. I am
that are depending more on the metal and steel industry?
more than pleased to see that all participants were willing to actively participate in the discussions and contribute their knowledge and
Brexit - What impact can be expected on credit risk? Is it a threat
expertise, which in the end is the main purpose of the Committee of
or an opportunity for the credit insurance sector? How to deal with
Underwriters.
it a “Brexit Continuity Clause”?
Main topics
Prudential Regulation Authority (PRA) - Consultation paper
Countries - Different countries were addressed. Especially Italy and
regarding eligibility of guarantees as credit risk mitigation.
Turkey were discussed in more detail.
Big data - (automatic decision, single invoice cover, new digital Trade Sectors - Different sectors were discussed among which the
insurers).
retail sector in more detail.
Other (Open Debate) topics Specific Buyers/Risks/Cases - This category, in my opinion, is the
We are living in a rocketing fast changing environment, not just in
one where the added value for participants is the highest. It is true
the economy, but in all areas of our life. As these changes will affect
that delegates acting in the same region may compete, but I strongly
also the credit insurance industry, all members were invited to sug
believe that we have one common goal, that is to mitigate risk with
gest any interesting and challenging topics for discussion and share
openly shared information. In the Autumn Meeting the discussion was
their opinions and views.
focusing on Aviation Financing; Understanding large Chinese Con glomerates; Growing market capacity of platforms (e.g. Amazon); …
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