Saudi Arabia: ICIEC registers steady business growth in 2016
Source: Middle East Insurance Review | Jul 2017
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank Group, has registered steady growth in its insurance operations in 2016.
The 2016 annual report and financial statements of the ICIEC revealed a 10% growth in business insurance operations to US$4,468 billion. New commitments showed an overall increase of 14% in 2016.
In terms of distribution by business lines, short-term business continued to capture the largest share of the business insured at 63%, followed by the investment insurance at 28% and medium-term business at 9%.
The Islamic Development Bank’s Investment Promotion Technical Assistance Programme (ITAP) managed by ICIEC, whose aim is to unlock the developmental potential of member countries through a comprehensive and integrated programme of foreign investment promotion and technical assistance, has successfully delivered and participated in 12 projects and initiatives in 2016 in collaboration with key internal and external partners mobilising significant financial and technical resources.
Furthermore, ITAP has launched several institutional development initiatives to improve the programme’s performance.
Jeddah-headquartered ICIEC was established in 1994 to provide investment and export credit insurance for Islamic countries. M