The IACPM in collaboration with ITFA (International Trade and Forfaiting Association) has conducted its biennial survey on Credit Risk Insurance (CRI) used by banks to mitigate the risk of non-payment on loans. Conducted since 2019, the survey provides the only available global data source to support banks’ CRI practice and regulators globally.

Globally, 46 firms participated in the 2025 survey, including 42 banks and four multilateral development banks. Ninety-three percent of those contributing to the survey are current users of CRI to mitigate risk in the credit portfolio.

Credit portfolio managers continue to rank CRI on single loans as one of the three most important tools for credit risk mitigation, next to loan sales and synthetic securitizations (SRT). The increase in lending capacity remains banks’ main goal when using CRI across any asset class.

Between 2019 and 2024, the total insured exposure – as reported by the 46 participating banks – increased from US$ 130 Billion to US$ 191 Billion in 2024, facilitating a total of US$ 455 Billion in credit transactions. EU banks are the dominant users of CRI, with over 65% of total insured exposure, well above banks in APAC and in Europe outside the EU.

By June 30, 2025, however, volumes of insured exposures are stagnating, remaining at US$ 192 Billion on a total of US$ 440 Billion in credit transactions.

Contrary to 2023, the regulatory treatment of CRI is now much clearer for participants. However, the ineffectiveness of prudential regulations in recognition of CRI risk mitigation effect is now weighted as high as implementation difficulties in the top two challenges faced by participating firms in using CRI.

Click here for the Press Release.

Click here to access select high-level results from IACPM’s latest Global Credit Risk Insurance Survey.