ICISA updates | Column |
The ICISA INSIDER | October 2021 The ICISA INSIDER | October 2021
A Suretypedia, the vision from the ICISA Surety Glossary Working Group Magdalena Cano Chair of the Surety Glossary Working Group Company: Euler Hermes Re
What is a WGA Bond? What is the difference between a French GFA Bond and a Chilean “fianza de Venta en Verde”? What are the main differences between an “abstract” and a conditional surety bond? These are the questions for which we need clear answers accessible to all interested stakeholders. During the Surety Subcommittee that took place in Rome two years ago, a group of ICISA members created the Working Group dedicated to this purpose. We have been collaborating on a regular basis and have obtained promising results. One of our remarkable achievements has been to agree on a basic scheme with a standard structure, to describe any type of bond, which we could successfully test with selected experts within our organizations, as well as some industry colleagues willing to help. It has proven to be a very effective format to get valuable and standard information. Our Industry counts on many experts willing to share their knowledge. The members of the Working Team account for more than 100 years-experience and have direct access to surety experts working for 5 international leading market players. Our vision is to create a sort of “Wikipedia” for Surety Terms, a “Suretypedia” which can be contributed to and supported by all the professional surety associations around the world.
We recognize a good opportunity to: • Contribute to a common language across the surety industry • Capitalize on our accumulated global surety market technical expertise • Reduce the complexity of terms in our industry • Help new generations of surety underwriters on their professional paths • Provide all stakeholders a reliable source of information How do we intend to get there? We recognize that our objective is a real challenge and requires constant efforts and full support. We are aware that the industry is constantly changing and therefore we need to come up with a framework; a system that allows constant feedback to ensure a living and helpful tool. We are convinced that with an engaged Working Team, with the commitment of contributing experts from all industry associations, with a user-friendly digital platform and with an adequate set of rules it could be possible. It requires an effective “Working together” from all of us, which would be a great contribution from the professional Associations to this very specialized industry. Would you agree? Would you like to join us? We look forward to hearing from you. On behalf of the ICISA Surety Glossary Working Group (Christian Glössner, Atradius; Doris Egli-Schaufelberger, Scor; Guadalupe Quindós, AXA; Heike Hanno, Munich Re; Isidra Vasquez Fermín, Munich Re; Roland Reindl, Munich Re).
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