The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) has increased its business insured by 20% to reach $10.86bn in 2019, the highest in the past decade, according to a statement from the company.
Over its 26 years of existence, ICIEC has cumulatively insured more than $64bn in support of global trade and investments, adds the statement which was released in conjunction with the publication of ICIEC's annual report and financial statements for 2019.
ICIEC, a member of the Islamic Development Bank Group (IsDBG), demonstrated its resilience through a year of general volatility. 2019 was marked by the intensification of trade tensions, political instability, and weak global growth.
In 2019, ICIEC saw an increase of more than 28% over the previous year in total intra-OIC business, having insured a total of $5.4bn, involving 36 member countries. These results contribute to the OIC’s goal of reaching a 25% intra-OIC trade share by 2025.
ICIEC attributes the impressive 2019 results to various operational initiatives, including: underwriting improvements, risk management and technical reserving practices, a strong commitment to continuous professional development, as well as our partnership with international players in the industry.
The company's CEO, Mr Oussama Kaissi, expressed optimism about the corporation’s prospects for 2020, stating, “We are well positioned to weather the effects of the ongoing coronavirus pandemic and continue our strong business performance as a direct result of the robust pipeline developed in 2019.”
He added that the company's performance demonstrated ICIEC’s growth and continued commitment to delivering on its mandate of supporting trade and investment in its 47 member countries, assisting in their economic development, diversification and prosperity.
Based on its performance, ICIEC has maintained, for the 12th consecutive year, an Aa3 rating by Moody’s - which is one of the strongest in the Export Credit and Political Risk Insurance industry.