Best’s Market Segment Report: Improving Market Conditions Signal Change for MENA Region’s Reinsurers

Best’s Market Segment Report: Improving Market Conditions Signal Change for MENA Region’s Reinsurers

LONDON–(BUSINESS WIRE/AETOSWire)— Following several years of persisting soft market conditions, pricing and terms in the Middle East and North Africa (MENA) are turning in favour of the region’s reinsurers, according to an AM Best report. In a new Best’s Market Segment Report, “MENA Reinsurance: Improving Market Conditions Signal Change for Region’s Reinsurers”, AM Best notes that the current market hardening is a clear tailwind for reinsurance providers in the region, partly as a bi-product of global reinsurance trends and also in response to regional underwriting performance strains. However, challenges persist for the region’s…

Export credit agencies of UAE, India join hands to enhance trade, economic cooperation 

الإمارات والهند تعززان العلاقات التجارية وفرص ائتمان الصادرات المشتركة

Alliance to create prospects for mutual strategic projects between the UAE and India Agreement to give a boost to companies and exporters between the two countries, enhancing their economic ties The partnership provides a platform to identify new business opportunities and develop new partnerships in the UAE Etihad Credit Insurance (ECI), the UAE Federal export credit company, has partnered with ECGC Limited (ECGC), the premier export credit agency of India, to explore and bolster the trade and economic cooperation between the UAE and India. In a Memorandum of Understanding (MoU)…

SMEs in UAE receive more than AED 420 million trade credit

الاتحاد لائتمان الصادرات تؤمّن معاملات تجارية لشركات صغيرة ومتوسطة

 support in first 11 months of 2020 from Etihad Credit Insurance, translating into AED 1 billion secured turnover  Guarantees issued by ECI helped protect liquidity of SMEs and reduce their cost of funds amidst this challenging economic cycle These facilities allow SMEs to request their preferred bank to discount invoices at preferential rate ECI is the first government export credit company in Middle East and Africa to offer UAE SMEs an online trade credit solution to secure trade and export to more than 50 countries Etihad Credit Insurance (ECI), the…

His Excellency Dr. Thani bin Ahmed Al Zeyoudi praises ECI’s high score of AA  rating with stable outlook from Fitch Ratings as vital to boosting the global competitive edge of UAE businesses

His Excellency Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade and Deputy Chairman of the Board of Directors of ECI, praised the efforts of Etihad Credit Insurance (ECI), the UAE Federal export credit company after it has been assigned with Insurance Financial Strength (IFS) Rating and an Issuer Default Rating (IDR) of AA- (Very Strong) with Stable Outlook from Fitch Ratings, for the second year. His Excellency said that the high rating received by ECI reflects the Federal export credit company’s unyielding commitment to help…

UAE and Uzbekistan to enhance economic cooperation

UAE and Uzbekistan to enhance economic cooperation,

 boost joint export credit opportunities The export credit agencies (ECAs) of the UAE and Uzbekistan have agreed to bolster and reinforce the trade and economic alliance between the two countries by exploring and boosting opportunities in the export of goods and services. This follows UAE and Uzbekistan’s last month announcement of their expanded partnership to include economy, manufacturing, and business incubators through implementing 147 initiatives developed by the UAE Government in Uzbekistan. The Memorandum of Understanding (MoU) between Etihad Credit Insurance (ECI), the UAE Federal export credit company, and Uzbekistan…

Al Zeyoudi visits Etihad Credit Insurance office

Dubai, UAE, October 25, 2020: His Excellency Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade – following his appointment as new Deputy Chairman of the Board of Directors of Etihad Credit Insurance (ECI) – visited ECI’s branch in Dubai. During the visit, H.E. congratulated the ECI management for the achievements recorded by the multi-awarded locally and internationally fast-growing Federal government company, and discussed its strategic role in boosting the competitiveness of the country’s businesses, in line with UAE’s goal to accelerate and sustain national diversification.…

AM Best’s Insurance Market Briefing – MENA to Examine Current Trends and Their Future Impact

AM Best’s Insurance Market Briefing – MENA to Examine Current Trends and Their Future Impact

LONDON–(BUSINESS WIRE/AETOSWire) – AM Best’s annual Insurance Market Briefing – MENA will be held as a complimentary webinar on 3 November 2020, at 14:00 hours, Gulf Standard Time (GST), to discuss the (re)insurance markets of the region. The Middle East and North Africa (MENA) region’s markets, particularly for reinsurance companies, have been characterised by competitive pricing pressures, overcapacity and increased incidences of large losses. In 2020, the fallout from COVID-19 and a volatile oil price environment have added to these challenges. In this 90-minute session, senior rating analysts from AM…

Berkshire Hathaway Specialty Insurance Introduces D&O Liability and Professional Indemnity Policies in Dubai

Berkshire Hathaway Specialty Insurance Introduces D&O Liability and Professional Indemnity Policies in Dubai

BOSTON & DUBAI–(BUSINESS WIRE/AETOSWire)-– Berkshire Hathaway Specialty Insurance (BHSI) today announced that it has finalized proprietary Directors & Officers (D&O) Liability and Professional Indemnity (PI) policy wordings for customers in the UAE and throughout the Middle East. “Companies in the Middle East are increasingly concerned about management and professional liability exposures particularly in the challenging business environment created by the Covid-19 pandemic,” said Aisling Malone, Head of Executive & Professional Lines, Middle East BHSI. “Our new policy forms enable customers and brokers to secure broad coverage that is backed by…

Best’s Special Report: COVID-19 Adds to Challenges for Bahrain’s Fragmented Insurance Market

Best’s Special Report: COVID-19 Adds to Challenges for Bahrain’s Fragmented Insurance Market

LONDON–(BUSINESS WIRE/AETOSWire)– COVID-19-driven financial market volatility is expected to negatively impact solvency levels of Bahraini insurers this year, according to a new AM Best special report, adding to the challenges faced by the kingdom’s (re)insurance sector — the smallest among the Gulf Cooperation Council (GCC) countries. The Best’s Special Report, “COVID-19 Adds to Challenges for Bahrain’s Fragmented Insurance Market,” notes the Bahraini (re)insurance market is very competitive, with a large number of companies vying for a limited amount of premium. The report explains Bahraini insurers typically take more asset risk than their peers…

ECI secures AED4 billion of non-oil trade in H1 2020  to accelerate UAE exporters’ recovery, ensure business continuity and competitiveness  

ECI secures AED4 billion of non-oil trade in H1 2020

ECI provides over 1,400 revolving credit guarantees for a total exposure amount of AED1.2 billion, which is equivalent to approximately AED 4 billion guaranteed payments for non-oil trade to more than 70 countries from January to June 2020 The top beneficiaries, sectors-wise, are cable, steel, petrochemicals, healthcare, automotive, building materials and food 55% of the total revolving credit limits were issued to large private exporters and 17% to SMEs, while the remaining 38% were issued in favor of UAE Government companies To further support exports, ECI increases payment protections, relaxes…