Etihad Credit Insurance achieves USD 4.41 billion in Insured Turnover

(3 Minutes Read)

These figures underscore ECI’s deepened contribution to supporting and safeguarding UAE-based exporters and investors through strategic credit solutions in over 100 countries and 17 strategic sectors.

Etihad Credit Insurance (ECI), the UAE federal export credit company, has revealed a remarkable year of growth and strategic achievement in its 2024 Annual Report, with insured turnover reaching AED16.2 billion, reflecting a 15.7 per cent year-on-year increase and accounting for 2.85 per cent of the UAE’s total non-oil exports.

This was announced during a media briefing led by Raja Al Mazrouei, Chief Executive Officer of ECI, and other senior officials from the company.

These figures underscore ECI’s deepened contribution to supporting and safeguarding UAE-based exporters and investors through strategic credit solutions in over 100 countries and 17 strategic sectors. In 2024, the UAE’s non-oil foreign trade surged to AED 3 trillion, marking a 14.6 per cent increase over the previous year.

ECI’s contribution plays a vital role in advancing the nation’s goal of achieving AED800 billion in the country’s non-oil exports by the next decade, in line with ‘We the UAE 2031’ economic goals. Since its inception, the company has facilitated over AED 21 billion in cumulative export trade and investment, resulting in booked Gross Written Premium (GWP) of AED447 million, reflecting strong portfolio growth and a high retention rate.

The report stated that the company has witnessed a gross exposure of AED 11 billion, a 14.58 per cent increase over 2023. This growth was supported by a diverse portfolio, with over 60 per cent of beneficiaries comprising small and medium-sized enterprises (SMEs).

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The report highlighted that ECI secured an AA- international rating by Fitch for the sixth consecutive year, reflecting on the company’s ability to mitigate potential risks and reiterate its strong presence in global markets.

In terms of geographic distribution, the report identified Saudi Arabia as ECI’s largest export market within the Gulf and wider MENA region, accounting for 7 per cent of the company’s total exposure.