A Force for Progress
The Receivables Insurance Association of Canada promotes the business opportunity for receivables insurance – also known as trade credit insurance – to Canadian insurance brokers, the banking industry and businesses engaged in domestic trade and exporting. The Receivables Insurance Association of Canada also works to advance industry innovation and product integrity, solve any business problems related to government legislation and represent the interests of its members by facilitating an open exchange of information and ideas.
Join us in helping Canadian business compete and succeed at home and around the world.
Background & History
Driven by the collapse of trade credit, during the recent “Great Recession” the Canadian Government called upon private sector insurers to coordinate with the government owned Export Development Canada to encourage businesses to reengage in trade utilizing open account payment terms based on receivables insurance (also known as credit insurance and trade credit insurance) protection. The congregation of all private sector credit insurance underwriters, Export Development Canada, major credit insurance brokers and bankers who utilize insurance as collateral enhancement for their working capital loans led to a consensus that credit insurance in Canada is underutilized primarily because its existence and benefits are unknown by the vast majority of businesses. The result was the creation of the RIAC, a national association with the mandate to increase the awareness, the technical knowledge, the usage and the distribution of credit insurance in Canada through advocacy projects introduced and implemented by members under the auspices of the RIAC for the benefit of all members and all Canadian businesses.