Foreign Credit Insurance Association

Foreign Credit Insurance Association (FCIA)

A private consortium of US insurance companies that offers trade credit insurance to US exporters in conjunction with the US Export-Import Bank.

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Foreign Credit Insurance Association

A group of insurance companies that, along with the Export-Import Bank, serve as export credit agencies (ECAs), which extend credit to American exporters. They also provide guarantees and insurance for exports. In general, the FCIA provides insurance for lower risk clients, with the ExIm Bank taking those the FCIA cannot insure. Like call ECAs, the FCIA is controversial. Critics allege that they negatively impact international development, as developing countries cannot compete with such insured exports. Proponents of ECAs argue that they enable developing countries to import products they otherwise would not be able to afford.