Magazine

Read the latest edition of AIR and MEIR as an Interactive e-book

Mar 2024

UAE: ADNIC to utilise credit bureau's services to strengthen credit risk management

Source: Middle East Insurance Review | Nov 2018

Abu Dhabi National Insurance Company (ADNIC) has announced it will utilise Al Etihad Credit Bureau (AECB) products.
 
Under federal law, AECB regularly collects credit information from financial and non-financial institutions in the UAE. This information is used to produce credit reports and credit scores that are made available to individuals and companies in the UAE. 
 
In a statement, ADNIC said using credit rating and credit scores for better risk management is well-established in several developed economies. The insurer’s adoption of a similar system makes it a regional pioneer in incorporating international best practice in its delivery of leading-edge insurance services and will provide an additional tool for managing credit risk exposure.
 
“The move reaffirms our position as one of the leading companies in adopting innovative solutions in the insurance industry,” said Mr Ahmad Idris, ADNIC CEO. 
 
Mr Marwan Ahmed Lutfi, CEO of AECB said: “In addition to banks, finance companies, telecom companies, and several non-financial institutions are currently using AECB’s credit reports and scores and other innovative value-added products to better manage credit risk and reward payments with good credit history.
 
“With ADNIC being the first insurance company to subscribe with AECB, we believe that both insurers and reinsurers will value the use of AECB’s credit reports and scores, thus enabling them to differentiate service offerings to clients who have a good credit history.” M 
 
| Print
CAPTCHA image
Enter the code shown above in the box below.

Note that your comment may be edited or removed in the future, and that your comment may appear alongside the original article on websites other than this one.

 

Recent Comments

There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.